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12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Book Back 2 Mark Questions with Solution Part - II

12th Standard

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Accountancy

Time : 00:30:00 Hrs
Total Marks : 10

    Part I

    5 x 2 = 10
  1. 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.

  2. 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.

  3. Rajan is a partner who withdrew Rs. 30,000 during the year 2018. Interest on drawings is charged at 10% per annum. Calculate interest on drawings on 31st December, 2018.

  4. 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.

  5. Define partnership.

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