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12th Standard Accountancy - Accounts of Partnership Firms-Fundamentals Book Back Questions

Published on: 02/09/2019

Accounts of Partnership Firms-Fundamentals

Download Tamil Nadu 12th Standard Accountancy question papers, model tests, one-mark questions, important questions, and public exam papers in PDF format. Free study materials and answer keys for TN State Board students.

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Questions:

Generic 5

2 x 5 = 10

From the following information, prepare capital accounts of partners Mannan and Sevagan, when their capitals are fluctuating.

Particulars	Mannan Rs.	Sevagan Rs.
Capital on 1^stJanuary 2018 (Cr. balance)	2,00,000	1,75,000
Drawings during 2018	40,000	35,000
Interest on drawings	1,000	500
Share of profit for 2018	21,000	16,500
Interest on capital	12,000	10,500
Salary	18,000	Nil
Commission	Nil	2,500

From the following information, prepare capital accounts of partners Shanthi and Sumathi, when their capitals are fixed.

Particulars	Shanthi Rs.	Sumathi Rs.
Capital on 1^st January 2	1,00,000	80,000
Current account on 1^st January 2018 (Cr.)	5,000	3,000
Additional capital introduced on 1^st June 2018	10,000	20,000
Drawings during 2018	20,000	13,000
Interest on drawings	500	300
Share of profit for 20	10,000	8,000
Interest on capital	6,300	5,400
Salary	9,000	Nil
Commission	Nil	1,200

Generic 2

3 x 2 = 6

Define partnership.

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 31^st December 2018 using average period.

Mannan and Ramesh share profits and losses in the ratio of 3:1. The capital on 1^stApril 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 31^st March 2018 and show the journal entries.

Generic 3

3 x 3 = 9

Syed, Samuel and Sudhakar are partners in a firm sharing profits and losses equally. As per the terms of the partnership deed, Samuel is allowed a monthly salary of Rs. 2,000 and Sudhakar is allowed a commission of Rs. 6,000 per annum for their contribution to the business of the firm. You are required to pass the necessary journal entry. Assume that their capitals are fluctuating.

Arul is a partner in a partnership firm. As per the partnership deed, interest on drawings is charged at 12% p.a. During the year ended 31st December 2018 he drew as follows:

Date	Rs.
March 1	3,000
June 1	3,000
September 1	3,000
December 1	3,000

Calculate the amount of interest on drawings.

From the following balance sheets of Brindha and Praveena who share profits and losses in the ratio of 3:4, calculate interest on capital at 6% p.a. for the year ending 31^st December 2017.

Balance sheet as on 31st December 2017
Liabilities	Rs.	Assets	Rs.
Capital accoun		Sundry assets	80,000
Brindha	30,000
Praveena	40,000
Profit and loss appropriation A/c	10,000
	80,000		80,000

On 1^st July 2017, Brindha introduced an additional capital of Rs. 6,000 and on 1st October 2017, Praveena introduced Rs. 10,000. Drawings of Brindha and Praveena during the year were Rs. 5,000 and Rs. 7,000 respectively. Profit earned during the year was Rs. 31,000.

Multiple Choice Question

5 x 1 = 5

Profit after interest on drawings, interest on capital and remuneration is Rs. 10,500. Geetha, a partner, is entitled to receive commission @ 5% on profits after charging such commission. Find out commission.

(a)

Rs. 50

(b)

Rs. 150

(c)

Rs. 550

(d)

Rs. 500

10.

Pick the odd one out

(a)

Partners share profits and losses equally

(b)

Interest on partners capital is allowed at 7% per annum

(c)

No salary or remuneration is allowed to partners

(d)

Interest on loan from partners is allowed at 6% per annum

11.

In the absence of an agreement, partners are entitled to

(a)

Salary

(b)

Commission

(c)

Interest on loan

(d)

Interest on capital

12.

Which of the following is the incorrect pair?

(a)

Interest on drawings – Debited to capital accouunt

(b)

Interest on capital - Credited to capital account

(c)

Interest on loan - Debited to capital account

(d)

Share of profit - Credited to capital account

13.

In the absence of a partnership deed, profits of the firm will be shared by the partners in

(a)

Equal ratio

(b)

Capital ratio

(c)

Both (a) and (b)

(d)

None of these

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Answers Key:

Generic 5

2 x 5 = 10

**Dr. Partners’ Capital A/c Cr.**
Particulars	Mannan Rs.	Sevagan Rs.	Particulars	Mannan Rs.	Sevagan Rs.
To Drawings A/c	40,000	35,000	By Balance b/d	2,00,000	1,75,000
To Interest on			By Profit and loss
drawings A/c	1,000	500	appropriation A/c	21,000	16,500
To Balance c/d	2,10,00	1,69,000	By Interest on capital A/c	12,000	10,500
			By Salary A/c	18,000	-
			By Commission A/c	-	2,500
	2,51,000	2,04,500		2,51,000	2,04,500
				2,10,000	1,69,000

**Dr. Partners’ Capital Account Cr.**
Date	Particulars	Shanthi Rs.	Sumathi Rs.	Date	Particulars	Shanthi Rs.	Sumathi Rs.
2018				2018
				Jan 1	By Balance b/d	1,00,000	80,000
Dec 31	To Balance c/d	1,10,000	1,00,000	June 1	By Bank (Additional capital)	10,000	20,000
		1,10,000	1,00,000			1,10,000	1,00,000
				2019
				Jan 1	By Balance b/d	1,10,000	1,00,000

**Dr. Partners’ Current Account Cr.**
Particulars	Shanthi Rs.	Sumathi Rs.	Particulars	Shanthi Rs.	Sumathi Rs.
To Drawings	20,000	13,000	By Balance b/d	5,000	3,000
To Interest on			By Profit and loss
	500	300
drawings			appropriation A/c	10,000	8,000
To Balance c/d	9,800	4,300	(share of profit)
			By Interest on capital	6,300	5,400
			By Salary	9,000	-
			By Commission	-	1,200
	30,300	17,600		30,300	17,600
			By Balance b/d	9,800	4,300

Generic 2

3 x 2 = 6

According to section 4 of the Indian partnership Act, 1932, partnership is defined as "the relation between persons who gave agreed to share the profits of a business carried on by all or any of them acting for all".

Calculation of interest on drawings of Vennila (using average period)
Total amount of drawings = 5,000 x 2 = Rs.10,000
If drawings are made at the end of every half year, average period = 9
Interest on drawings = Total amount of drawings x Rate of interest x \(\frac { Average\quad period }{ 12 } \)
= Rs.10,000 x \(\frac { 4 }{ 100 } \times \frac { 9 }{ 12 } \) = Rs. 300

Calculation of interest on capital:
Interest on capital = Amount of capital \(\times\) Rate of interest
Interest on Mannan’s capital = 80,000 \(\times\) 5/100 = Rs. 4,000
Interest on Ramesh’s capital = 60,000 \(\times\) 5/100 = Rs. 3,000
Note: Balance of current account will not be considered for calculation of interest on capital.

Date	Particulars		Debit Rs.	Credit Rs.
2018	Interest on capital A/c	Dr.	7,000
March 31	To Mannan’s current A/c			4,000
	To Ramesh’s current A/c (Interest on capital provided)			3,000
"	Profit and loss appropriation A/c	Dr.	7,000
	To Interest on capital A/c (Interest on capital closed)			7,000

Generic 3

3 x 3 = 9

Salary to Samuel = 2,000 \(\times\) 12 = Rs. 24,000
Commission to Sudhahar = Rs. 6,000

Journal entry
Particulars		Dr. Rs.	Cr. Rs.
Samuel’s salary A/c	Dr.	24,000
To Samuel’s capital A/c (Samuel’s salary transferred to his capital account)			24,000
Sudhahar’s commission A/c	Dr.	6,000
To Sudhahar’s capital A/c (Sudhahar’s commission transferred to his capital accoun			6,000
Profit and loss appropriation A/c	Dr.	30,000
To Saumel’s salary A/c			24,000
To Sudhahar’s commission A/c (Salary and commission account transferred)			6,000

Interest on drawings = Amount of drawings × Rate of interest × Period of interest

Withdrawal on March 1	Rs. 3,000 \(\times\) \( \frac { 12 }{ 100 } \times \frac { 10 }{ 12 }\)	Rs. 300
Withdrawal on June 1	Rs. 3,000 \(\times\) \( \frac { 12 }{ 100 } \times \frac { 7 }{ 12 }\)	Rs. 210
Withdrawal on September 1	Rs. 3,000 \(\times\) \( \frac { 12 }{ 100 } \times \frac { 4 }{ 12 }\)	Rs. 200
Withdrawal on December 1	Rs. 3,000 \(\times\) \( \frac { 12 }{ 100 } \times \frac { 1 }{ 12 }\)	Rs. 30
Total interest on drawings		Rs. 660

Particulars	Brindha		Praveena
Particulars	Rs.	Rs.	Rs.	Rs.
Capital on 31st December 20		30,000		40,000
Add: Drawings		5,000		7,000
		35,000		47,000
Less:
Additional capital	6,000		10,000
Profit already credited*	9,000	15,000	12,000	22,000
Capital on 1^st January		20,000		25,000

Profit credited = Profit earned Rs. 31,000 – Balance profit as per balance sheet Rs. 10,000 = Rs. 21,000. This amount is distributed in their profit sharing ratio of 3:4.

Calculation of interest on capital:
Brindha:

On opening capital for 1 year	20,000 \(\times\) \(\frac{6}{100}\)	Rs. 1,200
On additional capital for 6 months	6,000 \(\times\) \(\frac{6}{100}\) \(\times\) \(\frac{6}{12}\)	Rs. 180
Total Interest on capital		Rs. 1,380

Praveena:

On opening capital for 1 year	25,000 \(\times\) \(\frac{6}{100}\)	Rs. 1,500
On additional capital for 3 months	10,000 \(\times\) \(\frac{6}{100}\) \(\times\) \(\frac{3}{12}\)	Rs. 150
Total interest on capital		Rs. 1.650