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

12th Standard

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Accountancy

Time : 00:30:00 Hrs
Total Marks : 10
    5 x 2 = 10
  1. What is partner's current Account?

  2. Suresh and Ramesh are partners in a firm with capitals of Rs. 3,00,000 and Rs. 4,00,000 respectively. The do not have a partnership deed. Ramesh wants to share the profits in the ratio of capitals. State with reason whether the claim is valid

  3. Interest on partner's capital and interest on drawings are recorded through profit and loss appropriation account instead of profit and loss account. Why?

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

  5. State where the following items shall appear in case the capital contributed by partners remain fixed
    i) Interest on capital
    ii) Withdrawal of capital
    iii) Fresh capital introduced
    iv) Drawings
    v) Share of profit by a partner

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