Accounting for Partnership : Basic Concepts | Distribution of Profits | Problem 10 Solution | NCERT

#class12 #class12accounts #class12accountancy #ncert #ncertsolutions #ncertsolution #cbse #puc #partnership #telugu #telugueducationtips Simmi and Sonu are partners in a firm, sharing profits and losses in the ratio of 3:1. The profit and loss account of the firm for the year ending March 31, 20xb shows a net profit of ₹ 1,50,000. Prepare the Profit and Loss Appropriation Account and partners current account by taking into consideration the following information: (i) Partners capital on April 1, 20xa; Simmi, ₹ 30,000; Sonu, ₹ 60,000; (ii) Current accounts balances on April 1, 20xa; Simmi, ₹ 30,000 (cr.); Sonu, ₹ 15,000 (cr.); (iii) Partners drawings during the year amounted to Simmi, ₹ 20,000; Sonu, ₹ 15,000; (iv) Interest on capital was allowed @ 5% p.a.; (v) Interest on drawing was to be charged @ 6% p.a. at an average of six months; (vi) Partners’ salaries : Simmi ₹ 12,000 and Sonu ₹ 9,000. 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: 03:01 Outro: 29:37 Additional problems on Accounting for Partnership : Basic Concepts, Distribution of Profits can be found at https://eduxir.com/curriculum/cbse/class-x... 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