Page 34 - MA-12

1.22 Double Entry Book Keeping (Section A)—ISC XII

GUIDE TO ANSWERS

1. Share of Profit: X—` 4,00,000; Y—` 4,00,000; Z—` 2,00,000; Interest on Drawings: X—` 32,250;
Y—` 36,000 and Z—` 29,250; Balance of Partners’ Capital Accounts: X—` 16,00,000; Y—` 10,00,000
and Z—` 6,00,000; Balance of Partners’ Current Accounts: X—` 3,87,750; Y—` 5,94,000; Z—` 1,29,250
(Dr. Balance).
2. Net Distributable Profit—` 20,455; Transferred to Reserve Fund—` 6,818; Share of Profit: X—` 10,228;
Y—` 6,136; Z—` 4,091; Z’s Commission—` 2,727; Closing Balances of Capital Accounts: X—` 1,15,728;
Y—` 67,836; Z—` 49,618.
3.
Particulars Dhoni (`) Modi (`) Soni (`)
Share of Profit 38,720 38,720 19,360
Interest on Drawings 450 300 300
Interest on Capital 11,250 10,500 9,750
Capital Accounts (Balance) 1,75,000 1,75,000 1,75,000
Current Accounts (Balance) 35,520 62,920 20,810
4. Share of Profit: A—` 6,183; B—` 3,825; C—` 2,502; Deficiency borne by A—` 192.