[NCERT] Q 19 Accounting for Partnership Basic Concepts Solutions Class 12

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Solutions of Question number 19 of Accounting for Partnership Basic Concepts NCERT Accountancy solutions Class 12 CBSE Board.

The capital accounts of Moli and Golu showed balancees of ₹ 40,000 and ₹ 20,000 as on April 01, 2019. They shared profits in the ratio of 3 : 2. They allowed interest on capital @ 10% p.a. and interest on drawings, @ 12 p.a. Golu advanced a loan of ₹ 10,000 to the firm on August 01, 2019.

During the year, Moli withdrew ₹ 1,000 per month at the beginning of every month whereas Golu withdrew ₹ 1,000 per month at the end of every month. Profit for the year, before the above mentioned adjustments was ₹ 20,950. Calculate interest on drawings show distribution of profits and prepare partner’s capital accounts.

[Ans: Interest on drawings : Moli, ₹ 780; Golu, ₹ 660; Profits Moli, ₹ 9,594; Golu, ₹ 6,396)

Solution:-

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