Advertisement
VDO+ Tag:Question 53 Chapter 2 of Class 12 Part – 1 Usha Publication
53. (Profit and loss appropriation a/c) Ted, Phil and Gordon are in partnership sharing profits two-fifths, two fifths and one-fifth and throughout the half-year ended 31st December 2017 their capital accounts have remained unchanged at Rs.60,000, Rs.40,000 and Rs.30,000 respectively.
Their current account balances on 1st July 2017 were:
Advertisement
Video Tag:| Phil | 8,550 (Dr.) |
| Gordon | 6,550 (Dr.) |
| Ted | 12,000 (Cr.) |
During 2017 Ted withdrew Rs.200 at the beginning of each month, Gordon withdrew Rs.400 at the end of each month while Phil withdrew Rs.1,800 during the period of six months.
Their partnership deed provides that:
1. Partners are allowed interest on capital @5% p.a.
2. Partners are allowed or charged interest on current account balance @4% p.a.
3. Interest on drawings @6% p.a.
4. Gordon is entitled to a salary of Rs.500 per month.
5. Ted is entitled to a commission of 5% of the profits of the firm after charging clauses 1 to 4.
6. Phil is entitled to a commission of 5% of the profits of the firm after charging clauses 1 to 5 and his own commission.
During the half-year ended 2017, the net profit of the firm was Rs.2,07,000 after charging Gordon’s Salary which had been debited to wages and salaries account.
You are required to prepare the profit and loss appropriation account of the firm only.
The solution of Question 53 Chapter 2 of Class 12 Part – 1 Usha Publication
We are providing a solution of Question 53 Chapter 2 of Class 12 Part – 1 Usha Publication in two formats. one is in Video format and another is in article format. Check out both formats as follows:
1. Check out the Solution of this question in Video Format:-
The video consists solution of questions number from 50 to 54 in Chapter No. 2 class 12 of Usha publication. To check the direct solution of question no. 53 from the following video by using time stamps of the video.
2. Check out the Solution of this question in Article Format: –
| Profit and Loss App. A/c |
|||||
| Particulars |
Amount | Particulars |
Amount | ||
| To Interest on capital – Ted | 1,500 | By net profit | 2,07,000 | ||
| -Phil | 1,000 | Add: Gordon’s Salary | 3,000 | 2,10,000 | |
| -Gordon | 750 | 3250 | By Interest on drawings (WN1) | ||
| To Interest on current a/c | – Ted | 21 | |||
| -Ted (12,000*4%*6/12) | 240 | -Phil | 27 | ||
| To Gordon Salary | 3,000 | -Gordon | 30 | 78 | |
| To Commission to Ted (WN2) | 10,195 | By interest on current accounts: | |||
| To Commission to Phil (WN2) | 9,224 | -Phil (8,550*4%*6/12) | 171 | ||
| To Profit: | -Gordon (6,550*4%*6/12) | 131 | |||
| -Ted | 73,788 | ||||
| – Phil | 73,788 | ||||
| -Gordon | 36,895 | 1,84,471 | |||
| 2,10,380 | 2,10,380 | ||||
Working Note: –
1. Calculation of Interest on Drawings :
| Ted : 200 X 6 =1200 X 3 ½ X 6% X 1/12 | 21 |
| Gordon : 400 X 6 =2400 X 2 ½ X 6% X 1/12 | 30 |
| Phil: 1800 X 6% X 3/12 | 27 |
2. Commission:
| Ted’s Commission | = | 5% of profits after charging clauses (A) to (D) |
| = | 5% of ( 2,10,380-3,000-3,250-240) | |
| = | 5% of 2,03,890 = Rs. 10,195 | |
| Phil’s Commission | = | 5% of profits after charging his own commission & clauses (1) to (5) |
| = | 5/(100+5) of ( 2,10,380-3,000-3,250-240-10,195) | |
| = | 5/105 of 1,93,695 = Rs. 9,225 |
Thanks, Please Like and share with your friends
Comment if you have any questions.
End of Solution
Check Out the Solution of all questions of this chapter:
The solution to all questions of Chapter No. 2 – Partnership Accounts – I (Basic Concepts) Class 12 Usha Publication – 2024 is shown as follows, click on the image of the question to get the solution.
Thanks for completing the chapter. If you understand the question or we have helped you with your homework, please share our website on your social media. We are delighted to help you out.
Thanks again.
Download a PDF of Chapter No. 2 – Partnership Accounts – I (Introduction):
If you want to download a PDF of this chapter then you can do it. Check out our PDF file on our Store page.
Chapter-Wise Solution of Usha Publication Accountancy – Part 1 Class 12 – Session 2024-25 as per the PSEB curriculum
Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 1 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.
Chapter No. 1 – Accounting Not-for-Profit Organisations (Deleted from the Syllabus)
Chapter No. 2 – Partnership Accounts – I (Introduction)
Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 1 Class 12 by Unimax Publication
- Chapter No. 1 – Accounts of Non-Profit Organisations (Deleted from the Syllabus)
- Chapter No. 2 – Partnership Accounts – I (Basic Concepts)
- Chapter No. 3 – Partnership Accounts – II (Goodwill)
- Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)
- Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
- Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
- Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
Check out Part 2 of both books.
In Class 12th the accountancy has 2 books i.e. Part 1 and Part 2. The Books related to the Part 1 are shown above. but If you want to know more about Part 2, you can check it out from the following links. We have provided the links to both books i.e. Accountancy Part 2 by Usha Publication and Advanced Accountancy Part 2 by Unimax Publication.
1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication
2. Advanced Accountancy Part 2 Class 12 by Unimax Publication