Advertisement
VDO+ Tag:Question 57 Chapter 2 of Class 12 Part – 1 Usha Publication
57. (Profit and loss appropriation a/c, capital account & current accounts) From the following information, prepare:
1. The profit and loss appropriation account of P,Q and R for the year ended 31.12.15.
2.The capital and current accounts of P,Q and R are:
Advertisement
Video Tag:| Partners | Capital(1.1.15) | Current (1.1.2015) | Drawings (31.12.15) |
| P | 6,000 | 2,000 (Cr.) | 4,000 |
| Q | 10,000 | 1,000 (Cr.) | 4,800 |
| R | 16,000 | 1,000 (Cr.) | 4,800 |
- Interest is credited @ 6% p.a. on capital and is charged on drawings at the same rate. Interest is neither credited nor charged on the balance of current accounts.
- Each partner took at the end of each quarter % of his drawings.
- P and Q were to be credited with salaries of Rs.2,400 and Rs.1,600 p.a. respectively.
- On 1.7.2015, P paid in additional Rs.2,000 as capital and R withdrew Rs.2,000 from the capital.
- The net profit before charging interest on capital and partners’ salaries and before interest on drawings had been credited was Rs.19,600.
- Profit and loss shared among P, Q and R were 5:4:3 respectively.
The solution of Question 57 Chapter 2 of Class 12 Part – 1 Usha Publication
We are providing a solution of Question 57 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 55 to 59 in Chapter No. 2 class 12 of Usha publication. To check the direct solution of question no. 57 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 A/c |
|||||
| Particulars |
Amount | Particulars |
Amount | ||
| To Interest on capital – P | 420 | By net profit | 19,600 | ||
| -Q | 600 | By interest on drawings: | |||
| -R | 900 | 1,920 | – P | 90 | |
| To Salary- P | 2,400 | – Q | 108 | ||
| – Q | 1,600 | 4,000 | – R | 108 | 306 |
| To Net profit transferred to Capital a/cs | |||||
| -P | 5,828 | ||||
| -Q | 4,662 | ||||
| -R | 3,496 |
13,986 |
|||
| 19,906 | 19,906 | ||||
| Partners’ Capital A/c | |||||||||
| Particulars |
P | Q | R | Particulars |
P | Q | R | ||
| To bank a/c | – | – | 2,000 | By Balance B/d | 6,000 | 10,000 | 16,000 | ||
| To Balance c/d | 8,000 | 10,000 | 14,000 |
||||||
| 8,000 | 10,000 | 16,000 | 8,000 | 10,000 | 16,000 |
||||
| Partners’ Current Account |
|||||||||
| Particulars |
P | Q | R | Particulars |
P | Q | R | ||
| To Drawings A/c | 1,000 | 1,200 | 1,200 | By Interest on Capital A/c | 2,000 | 1,000 | 1,000 | ||
| To Drawings A/c | 1,000 | 1,200 | 1,200 | By Interest on Capital A/c | 420 | 600 | 900 | ||
| To Drawings A/c | 1,000 | 1,200 | 1,200 | By salary | 2,400 | 1,600 | – | ||
| To Drawings A/c | 1,000 | 1,200 | 1,200 | By net profit | 5,828 | 4,662 | 3,496 | ||
| To int. on Drawings A/c | 90 | 108 | 108 | ||||||
| To Balance c/d | 6,558 | 2,954 | 488 |
||||||
| 10,648 | 7,862 | 5,396 |
10,648 | 7,862 | 5,396 |
||||
Working Note: –
1. Interest on capital:
| Interest on capital for | = | 6% on 6,000 + 6% on 2,000 for 6 months. |
| = | 360+ 60 = Rs.420 | |
| Interest on capital for R | = | 6% on 16,000 for 6 months + 6% on 14,000 for 6 months |
| = | 480+ 420 = Rs900 |
2. Interest on drawings:
| Interest on drawings for P | = | 6% on 1,000 for 9 months + 6% on 1,000 for 6 months + 6% on 1,000 for 3 months |
| = | 45+ 30 +15 = Rs.90 | |
| Interest on drawings for Q and R | = | 6% on 1,200 for 9 months + 6% on 1,200 for 6 months + 6% on 1,200 for 3 months |
| = | 54+ 36 +18 = Rs.108 each |
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