[NCERT] Q 11 Accounting for Partnership Basic Concepts Solutions Class 12 (2022-23)

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Solutions of Question number 11 of Accounting for Partnership Basic Concepts NCERT Accountancy Solutions Class 12 CBSE Board 2022-23 Session?

Arving and Anand are partners sharing profits and losses in the ratio 8 : 3 : 1 Balances in their capital accounts on April 01, 2019 were, Arvind ₹ 4,40,000 and Anand ₹ 2,60,000. As per their agreement, partners were entitled to interest on capital @ 5% p.a., and interest on drawings was to be charged @ 6% p.a. Arvind was allowed an annual salary of ₹ 35,000/- for the additional responsibilities taken up by him. Partners drawings for the year were , Arvind ₹ 40,000 and Anand ₹ 28,000. Profit and Loss Account of the firm for the year ending March 31, 2020 showed a Net Loss of ₹ 32,400. Prepare Profit and Loss Appropriation Account.

[Ans: (i) Interest on drawings: Arvind – ₹ 12,00, Anand ₹ 840 (ii) Share of Loss : Arvind – ₹ 22,770, and Anand – ₹ 7,590)

Solution:-

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