OSB). Anubha and Kajal entered into partnership sharing profits and losses in
the ratio of 2 : 1. Their capitals were 590,000 and $60,000. The profit during the year
were 345,000. According to partnership deed, both partners are allowed salary, 700
per month to Anubha and 500 per month to Kajal. Interest is allowed on capital @
5%p.a. The drawings during the period were 38,500 for Anubha and 6,500 for Kajal.
Interest is to be charged @ 5% p.a. on drawings. Prepare partners capital accounts,
assuming that the capital accounts are fluctuating.
Answers
Answer:
SOLUTION
a)
Note: If Partners’ Salaries, Interest on capital and Interest on Drawing are treated as these have already adjusted in Profit and Loss Account. The Solution will be as
Profit and Loss Appropriation Account
Dr Cr.
Particulars
Amount
Rs
Particulars
Amount
Rs
Profit Transferred to Current A/c
Profit and Loss
45,000
Anubha’s Capital
30,000
45,000
Kajal’s Capital
15,000
45,000
45,000
Partners’ Capital Account
Dr. Cr.
Particulars
Anubha
Kajal
Particulars
Anubha
Kajal
Drawings
8,500
6,500
Balance b/d
90,000
60,000
Interest on Drawings
425
325
Partners’ Salaries
8,400
6,000
Balance c/d
1,23,975
77,175
Interest on Capital
4,500
3,000
Profit and Loss Appropriation
30,000
15,000
1,32,900
84,000
1,32,900
84,000
b) Alternative
Note: If Partners’ salaries, interest on capital and interest on drawings adjusted in Profit and Loss Appropriation Account. The solution will be as.
Profit and Loss Appropriation Account
Dr Cr.
Particulars
Amount
Rs
Particulars
Amount
Rs
Partners’ Salaries:
Profit and Loss Account
45,000
Anubha
8,400
14,400
Interest on Drawings
Kajal
6,000
Anubha
425
750
Interest on Capital:
Kajal
325
Anubha
4,500
7500
Kajal
3,000
Profit transferred to
Anubha’s Capital
15,900
23,850
Kajal’s Capital
7,950
45,750
45,750
Partners’ Capital Account
Dr. Cr.
Particulars
Anubha
Kajal
Particulars
Anubha
Kajal
Drawings
8,500
6,500
Balance b/d
90,000
60,000
Interest on Drawings
425
325
Partners’ Salaries
8,400
6,000
Interest on Capital
4,500
3,000
Balance c/d
1,09,875
70,125
Profit and Loss Appropriation
15,900
7,950
1,18,800
76,950
1,18,800
76,950
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[2] Accounting for Partnership : Basic Concepts - Numerical Questions - (NCERT Accountancy Class 12)
Q 2Q 1Q 3
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NCERT Solution for Class 12 Accountancy - Not-for-Profit Organisation and Partnership Accounts (2019 (Latest))
Chapter 2: Accounting for Partnership : Basic Concepts
Numerical Questions | Q: 2 | Page no. 98
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Anubha and Kajal Are Partners of a Firm Sharing Profits and Losses in the Ratio of 2:1. Their Capital, Were Rs 90,000 and Rs 60,000. Concept: Maintenance of Capital Accounts of Partners.
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