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

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

12th Standard

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Accountancy

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

  1. From the following information, prepare capital accounts of partners Manoj and Seran, when their capitals are fluctuating

    Particulars Manoj
    Rs.    		 Seran
    Rs.
    Capital on 1st January 2018 ( Cr. balance) 1,00,000 87,500
    Drawings during 2018 20,000 17,500
    Interest on drawings 500 250
    Share of profit for 2018 10,500 8,250
    Interest on capital 6,000 5,250
    Salary 9,000 Nil
    Commission Nil 1250

  2. 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    
           
      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.

  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. Arul is a partner in a partnership firm. As per the partnership deed, interest on drawing is charged at 6%p.a. During the year ended on 31st December 2018 he drew as follows.

    Date Rs.
    March 1 3,000
    June 1 2,000
    September 1 5,000
    December 1 4,000

    Calculate the amount of interest on drawings under any 2 methods

  5. Durga and Preethi entered into a partnership agreement on 1st April 2018, Durga contributing Rs.50,000 and Preethi Rs.60,000 as capital. The agreement provided that:
    (a) Profits and losses to be shared in the ratio 3:2 as between Durga and Preethi.
    (b) Partners to be entitled to interest on capital @ 5% p.a.
    (c) Interest on drawings to be charged Durga Rs.600 Velan Rs.900
    (d) Durga to receive a salary Rs.10,000 for the year and
    (e) Preethi to receive a commission of Rs.4,000 During the year, the firm made a profit of Rs.40,000 before adjustment of interest, salary and commission prepare the profit and loss appropriation account.

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