Question 42 Chapter 2 – Class 12 Part 1 Unimax

Question 42 Chapter 2 – Class 12 Part 1 Unimax

42. Ketak, Varun and Mohit are in partnership sharing profits and losses in ratio 5 : 3 : 2. Their Capitals as on 1st April, 2020 were Rs. 200000, 150000 and Rs. 75000 respectively. Their partnership deed provides the following :
(i) Partners are to be allowed interest on Capital 10% per annum.
(ii) Interest on Drawing is charged @ 20% per annum.
(iii) Ketak is entitled to a Salary of Rs. 1500 per month for use of his premises by firm which has already been paid in cash.
(iv) Varun is entitled to a Salary of Rs. 1000 per month.
(v) Mohit is entitled to a commission of 10% of net profit before charging such commission but after providing other above given clauses.
During the year Ketak withdrew Rs. 1000 in beginning of each month. Varun and Mohit’s drawing in year were Rs. 30000 and Rs. 40000 respectively.
The net profit of the firm for the year ended 31st March, 2021 before providing any of above clause was Rs. 175000.

The solution of Question 42 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

Working Notes :

(1) Interest on Capitals @ 10% p.a.
Ketak : Rs. 200000 x 10/100 = Rs. 20000
Varun : Rs. 150000 x 10/100 = Rs. 15000
Mohit : Rs. 75000 x 10/100 = Rs. 7500

(2) Interest on Partner’s Drawings
Ketak : Rs. 12000 x 20/100 x 6.5/12 = Rs. 1300
Varun : Rs. 30000 x 20/100 x 6/12 = Rs. 3000
Mohit : Rs. 40000 x 20/100 x 6/12 = Rs. 4000

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.

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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.

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