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

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

12th Standard

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Accountancy

Time : 00:30:00 Hrs
Total Marks : 25
    5 x 5 = 25

  1. Write up the capital and current accounts of the partners, Kannagi and vasugi from the following details.

    Particulars Kannagi Rs. Vasugi Rs.
    Capital on 1.4.2018 1,00,000 60,000
    Current Alc on 1.4.2018 3,000(Dr) 2,000(Cr)
    Drawing during 2018-19 8,000 5,000
    Interest on capital 5,000 3,000
    Interest in drawings 240 150
    Share of profit 2018-19 12,000 10,000
    Partner's salary 4,000 -

  2. Mala,Kala and Ratna share profits and losses in the ratio of 3: 2:1. The capital on 1st April 2017 was Rs.90,000 for Mala, 75,000 for Kala and Rs.60,000 for Ratna and their current accounts show a credit balance of Rs.15,000,10,000 and Rs.5000 respectively. Calculate interest on capital at 5% p.a for the year ending 31st march 2018 and show the journal entries.

  3. 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.

  4. Kala is a partner in a partnership firm. As per partnership deed, interest on drawings is charged at 12% p.a. During the year ended 31stDecember 2018. She drew as follows.

    Date Rs.
    March 1 12,000
    June 1 8,000
    September 1 10,000
    December 1 4,000

    Calculate the amount of interest on drawings by using produce method

  5. From the following balance sheets of Subha and Sudha who share profits and losses equally. 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 accounts:   Fixed assets 60,000
    Subha 30,000 Current assets 20,000
    Sudha 40,000    
    P&L App A/C 10,000    
           
    P&L App A/C 80,000   80,000
           

    Drawing of Shubha and Sudha during the year were Rs.5,000 and Rs.7,000 respectively profit earned during the year was Rs.30,000.

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