Accounting for Partnership : Basic Concepts | Distribution of Profits | Problem 12 Solution | NCERT

#class12 #class12accounts #class12accountancy #ncert #ncertsolutions #ncertsolution #cbse #puc Ramesh and Suresh were partners in a firm sharing profits in the ratio of their capitals contributed on commencement of business which were ₹ 80,000 and ₹ 60,000 respectively. The firm started business on April 1, 20xa. According to the partnership agreement, interest on capital and drawings are 12% and 10% p.a., respectively. Ramesh and Suresh are to get a monthly salary of ₹ 2,000 and ₹ 3,000, respectively. The profits for year ended March 31, 20xb before making above appropriations was ₹ 1,00,300. The drawings of Ramesh and Suresh were ₹ 40,000 and ₹ 50,000, respectively. Interest on drawings amounted to ₹ 2,000 for Ramesh and ₹ 2,500 for Suresh. Prepare Profit and Loss Appropriation Account and partners’ capital accounts, assuming that their capitals are fluctuating. Accounting for Partnership - Basic Concepts Distribution of Profits among the partners Partners' Capital Accounts Partners' Current Accounts Fixed Capital Method Fluctuating Capital Method Partners Business Partners Firm Class 12 Accounts Intro: 00:00 Problem Statement : 00:26 Analysis: 01:56 Outro: 24:10 Additional problems on Accounting for Partnership : Basic Concepts, Distribution of Profits can be found at https://eduxir.com/curriculum/cbse/cl... Class 12 Accountancy Books: https://amzn.to/3kMGdDX #SpecialAspectsOfPartnershipAccounts #SpecialFeaturesOfPartnershipAccounts #DistributionOfProfits #DistributionOfProfitsAmongParters #DistributionOfProfitsAmongTheParters #Partners #Partnership #Accounting #Accounts #Commerce #NCERT #CBSE #PUC #Class12 #MadeWithVideoscribe #WhiteBoard #WhiteBoardAnimation