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12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Book Back 5 Mark Questions with Solution Part - I Question Bank Software Jun-03 , 2021

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12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Book Back 5 Mark Questions with Solution Part - I

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Book Back 5 Mark Questions with Solution Part - I

12th Standard

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Accountancy

Time : 00:30:00 Hrs
Total Marks : 25

    Part I

    5 x 5 = 25

  1. 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

  2. Durai and Velan entered into a partnership agreement on 1st April 2018, Durai contributing Rs. 25,000 and Velan Rs. 30,000 as capital. The agreement provided that:
    (a) Profits and losses to be shared in the ratio 2:3 as between Durai and Velan.
    (b) Partners to be entitled to interest on capital @ 5% p.a.
    (c) Interest on drawings to be charged Durai: Rs. 300 Velan: Rs. 450
    (d) Durai to receive a salary of Rs. 5,000 for the year, and
    (e) Velan to receive a commission of Rs. 2,000
    During the year, the firm made a profit of Rs. 20,000 before adjustment of interest, salary and commission. Prepare the Profit and loss appropriation account.

  3. From the following information, prepare capital accounts of partners Rooban and Deri, when their capitals are fixed.

    Particulars

    Rooban

    Rs.

    		 Deri
    Rs.
    Capital on 1st April, 201 70,000 50,000
    Current account on 1st April, 2018 (Cr.) 25,000 15,000
    Additional capital introduced 18,000 16,000
    Drawings during 2018 – 2019 10,000 6,000
    Interest on drawings 500 300
    Share of profit for 2018 – 2019 35,000 25,800
    Interest on capital 3,500 2,500
    Salary Nil 18,000
    Commission 12,000 Nil

  4. From the following information, prepare capital accounts of partners Padmini and Padma, when their capitals are fluctuating.

    Particulars Padmini
    Rs.    		 Padma
    Rs.
    Capital on 1st January 2018 (Cr. balance) 5,00,000 4,00,000
    Drawings during 2018 70,000 40,000
    Interest on drawings 2,000 1,000
    Share of profit for 2018 52,000 40,000
    Interest on capital 30,000 24,000
    Salary 45,000 Nil
    Commission Nil 21,000

  5. Antony and Ranjith started a business on 1st April 2018 with capitals of Rs. 4,00,000 and Rs. 3,00,000 respectively. According to the Partnership Deed, Antony is to get salary of Rs. 90,000 per annum, Ranjith is to get 25% commission on profit after allowing salary to Antony and interest on capital @ 5% p.a. but after charging such commission. Profit-sharing ratio between the two partners is 1:1. During the year, the firm earned a profit of Rs. 3,65,000.
    Prepare profit and loss appropriation account. The firm closes its accounts on 31st March every year.

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