Accounts of Partnership Firms-Fundamentals Model Question Paper

12th Standard EM

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Accountancy

Time : 01:00:00 Hrs
Total Marks : 50
    5 x 1 = 5
  1. When a partner withdraws regularly a fixed sum of money at the middle of every month, period for which interest is to be calculated on the drawings on an average is

    (a)

    5.5 months

    (b)

    6 months

    (c)

    12 months

    (d)

    6.5 months

  2. In the absence of an agreement, partners are entitled to

    (a)

    Salary

    (b)

    Commission

    (c)

    Interest on loan

    (d)

    Interest on capital

  3. The maximum number of partners in a partnership firm is

    (a)

    25

    (b)

    10

    (c)

    30

    (d)

    50

  4. The balance in the appropriation account is transferred to the partner's capital account in the

    (a)

    agree ratio

    (b)

    sacrifice ratio

    (c)

    profit sharing ratio

    (d)

    old ratio

  5. All the transactions between the partner and the firm are recorded in the

    (a)

    capital account

    (b)

    drawings account

    (c)

    profit and loss account

    (d)

    revaluation account

  6. 5 x 2 = 10
  7. The capital account of Arivazhagan and Srinivasan on 1st January 2017 showed a balance of
    Rs.15,000 and Rs.10,000 respectively. On 1st July 2017, Arivazhagan introduced an additional capital of  Rs.5,000 and on 1st September 2017 Srinivasan introduced an additional capital of Rs.10,000. Calculate interest on capital at 6% p.a. for the year ending 31st December 2017.

  8. Priya and Kavitha are partners. Priya draws Rs.4,000 at the end of each quarter. Interest on drawings is chargeable at 6% p.a. Calculate interest on drawings for the year ending 31st December 2018 using average period.

  9. Define partnership.

  10. Salary or comrmssion paid to a partner is debited to profit and loss appropriation account and not to profit and loss account. Why?

  11. An accountant of the firm has debited interest on partner's loan to the profit and loss appropriation account and credited to the partner's capital account. Is he correct?

  12. 5 x 3 = 15
  13. From the following balance sheets of Brindha and Praveena who share profits and losses in
    the ratio of 3:4, calculate interest on capital at 6% p.a. for the year ending 31st December 2017.

    Balance sheet as on 31st December 2017
    Liabilities Rs. Assets Rs.
    Capital accoun   Sundry assets 80,000
    Brindha 30,000    
    Praveena 40,000    
    Profit and loss appropriation A/c 10,000    
      80,000   80,000

     On 1st July 2017, Brindha introduced an additional capital of Rs.6,000 and on 1st October 2017, Praveena introduced Rs.10,000. Drawings of Brindha and Praveena during the year were Rs.5,000 and Rs.7,000 respectively. Profit earned during the year was Rs.31,000.

  14. A and B contribute Rs.4,00,000 and Rs.2,00,000 respectively as capital. Their respective share
    of profit is 3:2 and the profit before interest on capital for the year is Rs.27,000. Compute the amount of interest on capital in each of the following situations:
    (i) if the partnership deed is silent as to the interest on capital
    (ii) if interest on capital @ 3% is allowed as per the partnership deed
    (iii) if the partnership deed allows interest on capital @ 5% p.a.

  15. Explain the procedure for preparation of final accounts of a partnership firm.

  16. What is Fluctuating capital method?

  17. The firm of A and B earned a profit of Rs.2,75,000 during the year ending on 31st March, 2015. They have decided to donate 10% of this profit to an NGO working for senior citizens. Pass necessary journal entry for the distribution of profits. Identify the values shown by the firm in donating a part of profit of NGO.

  18. 4 x 5 = 20
  19. Bragathish and Naresh are partners who maintain their capital accounts under fixed capital method. From the following particulars, prepare capital accounts of partners.
     

    Particulars Bragathish
    Rs.

    Naresh
    Rs.

    Capital on 1st April 2018 4,00,000 6,00,000
    Current account on 1st April 2018 20,000(Cr.) 15,000(Dr.)
    Additional capital introduced during the 50,000 Nil
    Drawings made during the year 45,000 60,000
    Interest on drawings 2,000 3,000
    Share of profit for the year 80,000 1,20,000
    Interest on capital 20,000 30,000
    Commission 17,000 Nil
    Salary Nil 38,000
  20. Richard and Rizwan started a business on 1st January 2018 with capitals of Rs.3,00,000 and Rs.2,00,000 respectively.
    According to the Partnership Deed
    (a) Interest on capital is to be provided @ 6% p.a.
    (b) Rizwan is to get salary of Rs.50,000 per annum.
    (c) Richard is to get 10% commission on profit (after interest on capital and salary to Rizwan) after charging such commission.
    (d) Profit-sharing ratio between the two partners is 3:2.
    During the year, the firm earned a profit of ` 3,00,000.
    Prepare profit and loss appropriation account. The firm closes its accounts on 31st December every year.

  21. From the following information, prepare capital accounts of partners Manoj and Seran, when their capitals are fluctuating

    Particulars Manoj
    Rs.
    Seran
    Rs.
    Capital on 1st January 2018 ( Cr. balance) 1,00,000 87,500
    Drawings during 2018 20,000 17,500
    Interest on drawings 500 250
    Share of profit for 2018 10,500 8,250
    Interest on capital 6,000 5,250
    Salary 9,000 Nil
    Commission Nil 1250
  22. Anusha and Barathi contribute Rs.2,00,000 and Rs.1,00,000 respectively as capital. Their respective share of profit is 3:2 and the profit before interest on capital for the year is Rs.27,000. Compute the amount of interest on capital in each of the following situations:
    (i) If the partnership deed is silent as to the interest on capital
    (ii) If interest on capital @ 3% is allowed as per the partnership deed
    (iii) If the partnership deed allows interest on capital @ 5% p.a.

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