Accounts of Partnership Firms-Fundamentals Book Back Questions

12th Standard EM

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Accountancy

Time : 00:45:00 Hrs
Total Marks : 30
    5 x 1 = 5
  1. In the absence of a partnership deed, profits of the firm will be shared by the partners in

    (a)

    Equal ratio

    (b)

    Capital ratio

    (c)

    Both (a) and (b)

    (d)

    None of these

  2. Which of the following is the incorrect pair?

    (a)

    Interest on drawings – Debited to capital accouunt

    (b)

    Interest on capital - Credited to capital account

    (c)

    Interest on loan - Debited to capital account

    (d)

    Share of profit - Credited to capital account

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

    (a)

    Salary

    (b)

    Commission

    (c)

    Interest on loan

    (d)

    Interest on capital

  4. Pick the odd one out

    (a)

    Partners share profits and losses equally

    (b)

    Interest on partners’ capital is allowed at 7% per annum

    (c)

    No salary or remuneration is allowed

    (d)

    Interest on loan from partners is allowed at 6% per annum

  5. Profit after interest on drawings, interest on capital and remuneration is Rs.10,500. Geetha, a partner, is entitled to receive commission @ 5% on profits after charging such commission. Find out commission.

    (a)

    Rs.50

    (b)

    Rs.150

    (c)

    Rs.550

    (d)

    Rs.500

  6. 3 x 2 = 6
  7. Mannan and Ramesh share profits and losses in the ratio of 3:1. The capital on 1st April 2017 was Rs.80,000 for Mannan and Rs.60,000 for Ramesh and their current accounts show a credit balance of Rs.10,000 and Rs.5,000 respectively. Calculate interest on capital at 5% p.a. for the year ending 31st March 2018 and show the journal entries.

  8. Vennila and Eswari are partners. Vennila draws Rs.5,000 at the beginning of each half year. Interest on drawings is chargeable at 4% p.a. Calculate interest on drawings for the year ending 31st December 2018 using average period.

  9. Define partnership.

  10. 3 x 3 = 9
  11. 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.

  12. Arul is a partner in a partnership firm. As per the partnership deed, interest on drawings is charged at 12% p.a. During the year ended 31st December 2018 he drew as follows:

    Date Rs.
    March 1 3,000
    June 1 3,000
    September 1 3,000
    December 1 3,000

    Calculate the amount of interest on drawings. 

  13. Syed, Samuel and Sudhakar are partners in a firm sharing profits and losses equally. As per the terms of the partnership deed, Samuel is allowed a monthly salary of Rs.2,000 and Sudhakar is allowed a commission of Rs.6,000 per annum for their contribution to the business of the firm. You are required to pass the necessary journal entry. Assume that their capitals are fluctuating.

  14. 2 x 5 = 10
  15. From the following information, prepare capital accounts of partners Shanthi and Sumathi, when their capitals are fixed.

    Particulars Shanthi
    Rs.

    Sumathi

    Rs.

    Capital on 1st January 2 1,00,000 80,000
    Current account on 1st January 2018 (Cr.) 5,000 3,000
    Additional capital introduced on 1st June 2018 10,000 20,000
    Drawings during 2018 20,000 13,000
    Interest on drawings 500 300
    Share of profit for 20 10,000 8,000
    Interest on capital 6,300 5,400
    Salary 9,000 Nil
    Commission Nil 1,200
  16. From the following information, prepare capital accounts of partners Mannan and Sevagan,
    when their capitals are fluctuating.

    Particulars Mannan Rs. Sevagan Rs.
    Capital on 1st January 2018 (Cr balance) 2,00,000 1,75,000
    Drawings during 2018 40,000 35,000
    Interest on drawings 1,000 500
    Share of profit for 2018 21,000 16,500
    Interest on capital 12,000 10,500
    Salary 18,000 Nil
    Commission Nil 2,500

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