FUNDAMENTALS | Q51, Q52, Q53, Q54, Q55 | ACCOUNTS | CLASS 12 | TS GREWAL | 2024

Amit and Vijay started partnership | Amit, Binita and Charu | Yadu, Vidu and Radhu | FUNDAMENTALS | Q51, Q52, Q53, Q54, Q55 | ACCOUNTS | CLASS 12 | TS GREWAL | Partnership | 2024    / @mananmalik_commerce   Q51. Amit and Vijay started a partnership business on 1st April, 2023. Capital invested by them were 2,00,000 and & 1,50,000 respectively. The Partnership Deed provided as follows: Interest on capital be allowed @ 10% p.a. Amit to get a salary of 2,000 per month and Vijay 3,000 per month. Profits are to be shared in the ratio of 3: 2. Net Profit for the year ended 31st March, 2024 was 2,16,000. Interest charged on drawings was 2,200 for Amit and 2,500 for Vijay. Prepare Profit & Loss Appropriation Account. Q52. A and B are partners sharing profits and losses in the ratio of 3: 1. On 1st April, 2023, their capitals were: A R 5,00,000 and B 7 3,00,000. During the year ended 31st March, 2024, the firm earned net profit of 5,00,000. The terms of partnership are: Interest on capital is to be allowed @ 6% p.a. A will get a commission @ 2% on net sales. B will get a salary of rs 5,000 per month. (a) B will get commission of 5% on profits after deduction of all expenses including such commission. Partners' drawings for the year were: A 80,000 and B © 60,000. Net Sales for the year was 30,00,000. After considering the above facts, you are required to prepare Profit & Loss Appropriation Account and Partners Capital Accounts. Q53. A, B and C were partners in a firm having capitals of 7 50,000; © 50,000 and 1,00,000 respectively. Their Current Account balances were A: 10,000; B: © 5,000 and C: © 2,000 (Dr.). According to the Partnership Deed the partners were entitled to an interest on Capital @ 10% p.a. C being the working partner was also entitled to a salary of 12,000 p.a. The profits were to be distributed as: The first © 20,000 in proportion' to their capitals. Next © 30,000 in the ratio of 5: 3: 2. Remaining profits to be shared equally. The firm earned net profit of § 1,72,000 before charging any of the above items. Prepare Profit & Loss Appropriation Account and pass necessary Journal entry for the appropriation of profits. (Foreign 2009) Q54. Amit, Binita and Charu are three partners. On 1st April, 2023, their Capitals stood as: Amit & 1,00,000, Binita © 2,00,000 and Charu § 3,00,000. It was decided that: they would receive interest on Capitals @ 5% p.a., Amit would get a salary of § 10,000 per month, Binita would receive commission @ 5% of net profit after deduction of commission, and 10% of the net profit would be transferred to the General Reserve. Before the above items were taken into account, profit for the year ended 31 st March, 2024 was 5,00,000. Prepare Profit & Loss Appropriation Account and the Capital Accounts of the Partners. Q55. Yadu, Vidu and Radhu were partners in a firm sharing profits in the ratio of 4: 3: 3. Their fixed capitals on 1st April, 2018 were 9,00;000, 5,00,000 and © 4,00,000 respectively. On 1st November, 2018, Yadu gave loan of 80,000 to the firm, as per the partnership agreement. (i) The partners were entitled to an interest on capital @ 6% p.a. (ii) Interest on partners' drawings was to be charged @ 8% p.a. The firm earned profit of § 2,53,000 (after interest on Yadu's Loan) during the year 2018-19. Partners' drawings for the year amounted to: Yadu-- 80,000, Vidu-- 70,000 and Radhu--50,000. Prepare Profit & Loss Appropriation Account for the year ending 31st March, 2019. (CBSE 2020) #commerce #class12 #cbse #accountancy #accounts #accounting #tsgrewal2024 #partnershipfundamentals #solution #tsgrewalsolutions #partnership #commerce #class12 #cbse #tsgrewalsolutions #tsgrewal2024 #tsgrewal #tsgrewalsolution #account #accounts #accountancy #accountssolution class 12 accounts fundamentals partnership ts grewal class 12 accounts chapter 1 solutions ts grewal solutions interest on capital interest on drawings fundamentals important questions 2024 accounts fundamentals class 12 class 12 accounting for partnership firms ts grewal class 12 chapter 1 accounts ts grewal class 12 class 12 accounts chapter 2 fundamentals class 12 chapter 1 fundamentals fundamentals of partnership class 12 full chapter ch 1 fundamentals of partnership class 12 class 12 accounts chapter 1 fundamentals fundamentals of partnership class 12 playlist ch 2 fundamentals of partnership class 12 00:00 Q51-Amit and Vijay started a partnership 05:11 Q52- A and B are partners sharing profits 16:09 Q53-A, B and C were partners in a firm 25:33 Q54-Amit, Binita and Charu are three partners 33:21 Q55- Yadu, Vidu and Radhu were partners