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**CBSE accountancy class 12 chapter Accounting for Partnership : Basic Concepts – Fixed and Fluctuating Capitals nuerical questions solutions**. You can find the questions/answers/solutions for the**chapter 2**of**CBSE class 12 accountancy**in this page. So is the case if you are looking for**CBSE class 12 Commerce**related topic**Accounting for Partnership : Basic Concepts – Fixed and Fluctuating Capitals nuerical questions solutions**. If you’re looking for theoretical questions related to Test Your Understanding, Do It Yourself, Short Answers or Long Answers or Distribution of Profits Solutions or Guarantee of Profit to the Partners Solutions or Past Adjustments Solutions, you can find them at⁕

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Accounting for Partnership : Basic Concepts – Fixed and Fluctuating Capitals Solutions

1. Triphati and Chauhan are partners in a firm sharing profits and losses in the ratio of 3:2. Their capitals were ₹ 60,000 and ₹ 40,000 as on April 01, 2015. During the year they earned a profit of ₹ 30,000. According to the partnership deed both the partners are entitled to ₹ 1,000 per month as salary and 5% p.a. interest on their capital. They are also to be charged an interest of 5% p.a. on their drawings, irrespective of the period, which is ₹ 12,000 for Tripathi, ₹ 8,000 for Chauhan. Prepare Partner’s capital/current Accounts when, capitals are fixed.

Profit and Loss Appropriation Account

Dr.

Cr.

Particulars

Amount

₹

₹

Particulars

Amount

₹

₹

To Partners’ Salaries A/c

By Profit and Loss A/c

30,000

Tripathi

12,000

By Interest on Drawings A/c

Chauhan

12,000

24,000

Tripathi

600

To Interest on Capital A/c

Chauhan

400

1,000

Tripathi

3,000

Chauhan

2,000

5,000

Profit Transferred:

To Tripathi’s Current A/c

1,200

To Chauhan’s Current A/c

800

2,000

31,000

31,000

Partners’ Capital A/c

Dr.

Cr.

Date

Particulars

J.F.

Amount

₹

Tripathi

₹

Tripathi

Amount

₹

Chauhan

₹

Chauhan

Date

Particulars

J.F.

Amount

₹

Tripathi

₹

Tripathi

Amount

₹

Chauhan

₹

Chauhan

To Balance c/d

60,000

40,000

By Balance b/d

60,000

40,000

60,000

40,000

60,000

40,000

Partners’ Current A/c

Dr.

Cr.

Date

Particulars

J.F.

Amount

₹

Tripathi

₹

Tripathi

Amount

₹

Chauhan

₹

Chauhan

Date

Particulars

J.F.

Amount

₹

Tripathi

₹

Tripathi

Amount

₹

Chauhan

₹

Chauhan

To Drawings A/c

12,000

8,000

By Partners’ Salaries A/c

12,000

12,000

To Interest on Drawings A/c

600

400

By Interest on Capital A/c

3,000

2,000

To Balance c/d

3,600

6,400

By Profit and Loss Appropriation A/c

1,200

800

16,200

14,800

16,200

14,800

Working Notes:

Salary of each partner:

Per month

= ₹ 1,000

Per year

= ₹ 1,000 × 12

= ₹ 12,000

Total

= ₹ 24,000

Interest on Capital:

Tripathi

{= ₹~60,000 × \dfrac{5}{100}}

= ₹ 3,000

Chauhan

{= ₹~40,000 × \dfrac{5}{100}}

= ₹ 2,000

Total

= ₹ 5,000

Interest on Drawings:

Tripathi

{= ₹~12,000 × \dfrac{5}{100}}

= ₹ 600

Chauhan

{= ₹~8,000 × \dfrac{5}{100}}

= ₹ 400

Total

= ₹ 1,000

Profit (to be distributed):

Net Profit

₹ 30,000

Partners’ Salaries

(₹ 24,000)

Interest on Capital

(₹ 5,000)

Interest on Drawings

₹ 1,000

₹ 2,000

Profit Share:

Tripathi

{= ₹~2,000 × \dfrac{3}{5}}

= ₹ 1,200

Chauhan

{= ₹~2,000 × \dfrac{2}{5}}

= ₹ 800

2. Anubha and Kajal are partners of a firm sharing profits and losses in the ratio of 2:1. Their capital, were ₹ 90,000 and ₹ 60,000. The profit during the year were ₹ 45,000. According to partnership deed, both partners are allowed salary, ₹ 700 per month to Anubha and ₹ 500 per month to Kajal. Interest allowed on capital @ 5%p.a. The drawings during the year were ₹ 8,500 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 account are fluctuating.

Profit and Loss Appropriation Account

Dr.

Cr.

Particulars

Amount

₹

₹

Particulars

Amount

₹

₹

To Parterners’ Salaries A/c

By Profit and Loss A/c

45,000

Anubha

8,400

By Interest on Drawings A/c

Kajal

6,000

14,400

Anubha

425

To Interest on Capital A/c

Kajal

325

750

Anubha

4,500

Kajal

3,000

7,500

Profit Transferred:

To Anubha’s Capital A/c

15,900

To Kajal’s Capital A/c

7,950

23,850

45,750

45,750

Partners’ Capital Account

Dr.

Cr.

Date

Particulars

J.F.

Amount

₹

Anubha

₹

Anubha

Amount

₹

Kajal

₹

Kajal

Date

Particulars

J.F.

Amount

₹

Anubha

₹

Anubha

Amount

₹

Kajal

₹

Kajal

To Drawings A/c

8,500

6,500

By Balance b/d

90,000

60,000

To Interest on Drawings A/c

425

325

By Partners’ Salaries A/c

8,400

6,000

To Balance c/d

1,09,875

70,125

By Interest on Capital A/c

4,500

3,000

By Profit and Loss Appropriation A/c

15,900

7,950

1,18,800

76,950

1,18,800

76,950

Working Notes:

Salary

Anubha’s Salary:

Monthly

= ₹ 700

Yearly

= ₹ 700 × 12

= ₹ 8,400

Kajal’s Salary:

Monthly

= ₹ 500

Yearly

= ₹ 500 × 12

= ₹ 6,000

Total

= ₹ 14,400

Interest on Capital

Anubha

{= ₹~90,000 × \dfrac{5}{100}}

= ₹ 4,500

Kajal

{= ₹~60,000 × \dfrac{5}{100}}

= ₹ 3,000

Total

= ₹ 7,500

Interest on Drawings

Anubha

{= ₹~8,500 × \dfrac{5}{100}}

= ₹ 425

Kajal

{= ₹~6,500 × \dfrac{5}{100}}

= ₹ 325

Total

= ₹ 750

Profit (to be distributed):

Net Profit

₹ 45,000

Total Salary

(₹ 14,400)

Interest on Capital

(₹ 7,500)

Interest on Drawings

₹ 750

₹ 23,850

Profit Share:

Anubha

{= ₹~23,850 × \dfrac{2}{3}}

= ₹ 15,900

Kajal

{= ₹~23,850 × \dfrac{1}{3}}

= ₹ 7,950