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Accountancy · 2024 · 3 marks
CBSE 2024 · Region 3 · Set 3 · Q20
Misha and Prisha were partners in a firm sharing profits and losses in the ratio of $\displaystyle 3$ : 2. On 1st April, $\displaystyle 2022$, their capital accounts showed balances of ₹ $\displaystyle 50,000$ and ₹ $\displaystyle 30,000$ respectively. During the year, Misha withdrew ₹ $\displaystyle 12,900$ while Prisha withdrew ₹ $\displaystyle 9$,600. They were allowed interest on capital @ $\displaystyle 10$% p.a. Interest on drawings of ₹ $\displaystyle 660$ was cha rged on Misha's drawings and ₹ $\displaystyle 540$ on Prisha's d win S. Prisha had advanced a loan of ₹ $\displaystyle 20,000$ to the firm on 1st August, 2022. The net profit for the year ended 31st March, $\displaystyle 2023$ amounted to ₹ $\displaystyle 22$,600. Prepare Profit and Loss Appropriation Account for the year ended 31st March, 2023.OROn 31st March, $\displaystyle 2023$, the capitals of Raghav and Diya stood at ₹ $\displaystyle 4,00,000$ and ₹ $\displaystyle 3,00,000$ respectively, after the necessary adjustment in respect of drawings and net profit. Subsequently, it was discovered that interest on capital @ $\displaystyle 10$% p.a had been omitted. The Net Profit for the year ended 31st March, $\displaystyle 2023$ amounted to ₹ $\displaystyle 1,00$,000. During the year ended 31st March, $\displaystyle 2023$, Raghav's drawings were ₹ $\displaystyle 2,000$ drawn at the beginning of each month, while Diya's drawings were ₹ $\displaystyle 3,000$ drawn at the beginning of each quarter. Pass the necessary adjustment entry.
OR
On 31st March, $\displaystyle 2023$, the capitals of Raghav and Diya stood at ₹ $\displaystyle 4,00,000$ and ₹ $\displaystyle 3,00,000$ respectively, after the necessary adjustment in respect of drawings and net profit. Subsequently, it was discovered that interest on capital @ $\displaystyle 10$% p.a had been omitted. The Net Profit for the year ended 31st March, $\displaystyle 2023$ amounted to ₹ $\displaystyle 1,00$,000. During the year ended 31st March, $\displaystyle 2023$, Raghav's drawings were ₹ $\displaystyle 2,000$ drawn at the beginning of each month, while Diya's drawings were ₹ $\displaystyle 3,000$ drawn at the beginning of each quarter. Pass the necessary adjustment entry.Marking-scheme solution
Profit and Loss Appropriation Account
Dr. for the year ended 31st March $\displaystyle 2023$ Cr.
Particulars Amount Particulars Amount
(`) (`)
To Interest on Capital ($\displaystyle 1$) By P&L A/c $\displaystyle 22,600$
Misha’s Capital $\displaystyle 5,000$ (Net Profit) ($\displaystyle 1$/$\displaystyle 2$)
Prisha’s Capital $\displaystyle 3,000$ $\displaystyle 8,000$
To Profit transferred to By Interest on Drawings
(1)
($\displaystyle 1$/$\displaystyle 2$)
Misha’s Capital $\displaystyle 9,480$ Misha’s Capital $\displaystyle 660$
Prisha’s Capital $\displaystyle 6,320$ Prisha’s Capital $\displaystyle 540$ $\displaystyle 1,200$
$\displaystyle 15,800$
$\displaystyle 23,800$ $\displaystyle 23,800$
Note - Interest on Loan is not considered as NET PROFIT is given.
Q. On 31st March $\displaystyle 2023$, the capitals ……………………………
Ans.
JOURNAL
Date Particulars L.F. Dr. Cr.
Amount (`) Amount ( `)
Diya’s Capital A/c Dr. $\displaystyle 5,600$
To Raghav’s Capital A/c $\displaystyle 5,600$
(Omission of interest on capital rectified.)
Working Notes -
Opening Capital = Closing Capital + Drawings – Profit
For Raghav, Opening Capital = $\displaystyle 4,00,000$ + $\displaystyle 24,000$ – $\displaystyle 50,000$
= `$\displaystyle 3,74,000$
For Diya, Opening Capital = $\displaystyle 3,00,000$ + $\displaystyle 12,000$ – $\displaystyle 50,000$
= `$\displaystyle 2,62,000$
Adjustment Table
Raghav Diya
(`) (`) (`) (`)
Dr Cr Dr Cr
Interest on Capital $\displaystyle 37,400$ $\displaystyle 26,200$
Loss $\displaystyle 31,800$ $\displaystyle 31,800$
Net Effect $\displaystyle 5,600$ $\displaystyle 5,600$
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CBSE Class 12 Accountancy past-paper question from the 2024board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.