Question 43 Chapter 2 – Class 12 Part 1 Unimax

Question 43 Chapter 2 – Class 12 Part 1 Unimax

43. Ravish and Sanchit were partners in a firm sharing profits in ratio of 3 : 2. On 1st April, 2020 their capitals were Rs. 160000 and Rs. 75000. On 1st July, 2020 they decided that their total capital (fixed) should be Rs. 250000. It war further decided that the capital (fixed) should be in their profit sharing ratio. Accordingly they introduced or withdrew the necessary Capital. The partnership deed provides the following :
(i) Interest on Capital @ 10% per annum.
(ii) Interest on Drawings @ 6% per annum.
(iii) Ravish is entitled to annual Salary Rs. 6000.
(iv) Sanchit is entitled to a salary of Rs. 600 per month.
Drawings of Ravish and Sanchit were Rs. 60000 and Rs. 90000 for year ended March 31st, 2021. The profit earned by the firm for year ended 31st March, 2021 was Rs. 125000. 10% of this profit was to be kept in a reserve.
You are required to prepare :
(i) Profit and Loss Appropriation Account.
(ii) Partners’ Capital Accounts.
(iii) Partners’ Current Account.

The solution of Question 43 Chapter 2 -Class 12 Part 1 Unimax:

Profit & Loss of Appropriation A/c of firm For the year ended 31st March., 2021

Partner’s Capital Accounts

Partner’s Capital Accounts

Working Notes :

(1) Calculation of further capital to be introduced or withdrawn by partners as on July 1, 2020
Capital fixed by Partners : Rs. 250000
Profit Sharing Ratio : 3 : 2

(3) Calculation of Interest on Drawings
Ravish : Rs. 60000 x 6/100 x 6/12 = Rs. 1800
Sanchit : Rs. 90000 x 6/100 x 6/12 = Rs. 2700

End of Solution

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1. Comprehensive Solutions for All Chapters of Advanced Accountancy Part 1 Class 12 by Unimax

UnimaxSolutions.in offers a comprehensive solution for students studying Advanced Accountancy Part 1 in Class 12. With their meticulously curated study material, students can access comprehensive solutions to all the questions included within each chapter. By selecting the chapter name from the study material, students can easily navigate through the topics and find detailed explanations and step-by-step solutions to the problems presented in that section. Whether it’s understanding complex accounting concepts, mastering calculation techniques, or analyzing financial statements, Unimax provides a valuable resource to aid students in their learning journey. With these comprehensive solutions at their disposal, students can enhance their understanding, clarify doubts, and improve their problem-solving skills in Advanced Accountancy, ensuring they are well-prepared for their Class 12 examinations.

• Chapter No. 1 – Accounts of Non-Profit Organisations
• 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)

2. Comprehensive Solutions for All Chapters of Advanced Accountancy Part 2 Class 12 by Unimax

UnimaxSolutions.in presents an exceptional resource for students studying Advanced Accountancy Part 2 in Class 12. With their comprehensive study material, students can conveniently access extensive solutions to all the questions featured within each chapter. By simply selecting the desired chapter from the study material, students can effortlessly navigate through the topics and gain access to detailed explanations and step-by-step solutions to every problem presented in that particular section. Whether it involves understanding intricate accounting principles, honing calculation techniques, or analyzing complex financial statements, Unimax provides a valuable tool to support students in their learning journey. Equipped with these comprehensive solutions, students can enhance their comprehension, resolve any uncertainties, and strengthen their problem-solving abilities in Advanced Accountancy, empowering them to excel in their Class 12 examinations with confidence.

• Chapter No. 1 – Company Accounts (Share Capital)
• Chapter No. 2 – Issue of Debentures
• Chapter No. 3 – Redemption of Debentures
• Chapter No. 4 – Financial Statements of a Company (Balance Sheet Only)
• Chapter No. 5 -Financial Statement Analysis
• Chapter No. 6 – Tools/Methods of Financial Analysis
• Chapter No. 7 – Ratio Analysis
• Chapter No. 8 – Cash Flow Statement

Punjab School Education Board (PSEB) Solutions of Usha Publication.

If you’re a student enrolled in the Punjab School Education Board Class 12, it’s essential to explore a wide range of books to cover the syllabus thoroughly. While the prescribed textbooks are undoubtedly valuable, supplementing your studies with additional resources can enhance your understanding and knowledge. Consider checking out other books that align with the curriculum, offering different perspectives and insights on the subjects you’re studying. These supplementary materials can provide you with alternative explanations, practice questions, and examples that may aid in clarifying complex concepts. Moreover, exploring diverse sources can expose you to a variety of writing styles and viewpoints, fostering a broader understanding of the subjects. So, seize the opportunity to expand your learning by delving into other books that can complement your studies and contribute to your academic growth.