12th Standard Accountancy English Medium - Accounts of Partnership Firms-Fundamentals 5 Mark Creative Question Paper and Answer Key 2022 - 2023 | QB365

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12th Standard Accountancy English Medium - Accounts of Partnership Firms-Fundamentals 5 Mark Creative Question Paper and Answer Key 2022 - 2023

Published on: 30/08/2022

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Questions:

Generic 5

16 x 5 = 80

Dinesh and Sugumar entered into partnership agreement on 1^st January 2018, Dinesh contributing ( 5,00,000 and Strgumar Rs.4,00,000 as capital.
The agreement Provided that:
i) Profit and losses to be shared in the ratio 2 : 1 as between Dinesh and Sugumer.
ii) Partners to be entitled to interest on,iaptial @ 6% p.a.
iii) Interest on drawings to be charged:
Dinesh: Rs.3,000 and Sugumar : Rs. 2,300
iv) Dinesh to receive a salary of Rs. 62.000 for the year, and
v) Sugumar is to reccive a commission of 10% on the net profit after charging salary commission.
During the year ended on 31^st Decembcr 2018, the firm made a profit of to 1,20,000 before adjustment of interest, salary and commission Prepare the profit and loss appropriatiotr account

N and S were parents ratio 2:1 Their capitals were 3,20,000 and Rs. 1,60,000 respectively.Their deed provided.
(i) Interest on capital @ 8%.
(ii) Interest on Drawings @6%.
(iii) S to get salary of Rs. 2,000 p.m
(iv) S to get a commision of 10%.on the net profit and changing such commision.The profit of the firm year ended.31.03.2015 before making the above adjustment was Rs. 1,50,000.Drawings of the parents during the year
(vi) Rs. 30,000 and Mr.S Rs. 20,000. Show the profit and loss Approprition A/c partners capitals and fluctuating.

A and R were partners sharing ratio of 7 : 3. Their Capitals wefe Rs.80,000 and Rs. 60,000 respectively.
(i) Interest on Capital at 10% p.a.
(ii) Interest on Drawings at 12% p.a.
(iii) A and R get a salary of Rs. 10,000 each p.a.
(iv) A to get a commission of 10% on net profit before charging such commission profit - before making above adjustment was Rs. 10,000. Drawing of partner A Rs. 12,000 and R Rs. 8,000.
Show that Profit and Loss Appropriation Account

A and R were partners sharing ratio of 7 : 3. Their Capitals wefe Rs. 80,000 and Rs. 60,000 respectively.
(i) Interest on Capital at 10% p.a.
(ii) Interest on Drawings at 12% p.a.
(iii) A and R get a salary of Rs. 10,000 each p.a.
(iv) A to get a commission of 10% on net profit before charging such commission profit - before making above adjustment was ( 10,000. Drawing of partner A (Rs. 12,000 and Rs. 8,000)
Show that Profit and Loss Appropriation Account.

prepare Capital Account of Babu and Gopu. Capitals are fluctuatilg.

Particulars	Babu	Gopu
Capital as on 1.4.13	60,000	40,000
Drawings	10,000	8,000
Interest on Drawing	1,000	800
Interest on Capital	5,000	4,000
Commission	8,000	-
Partners Salary	-	6,000
Share of Loss	20,000	10,000

Show how the following item will appear in the capital account of Mr C and S assuming that their capitals are fluctuating.

Particulars	C	S
Capital as on 1.4.2014	80,000	60,000
Drawing during the year	20,000	8,000
Interest on Capital	4,800	3,600
Interest on Drawing	1,000	400
Share of profit	40,000	40,000
Salary to partner		10,000

Distribgtion of profits Anila, Ramita were partners. Sharing profit and.losses ratio of 7:3 their capital weret Rs.80,000 and Rs.60,000 respectively. .
(i) Interest on captital @ 10% p.a.
(ii) Interest on drawing @ 12% P.a
(iii) Both to get a salary of Rs. 10,000 each per annum
(iv) An it at 1 get a comrnissiun of 10% on the net profiile before charging such commission.
The profit for the year t Ott,OO0. Drawings were Arritha Rs. 12,000. Ranrita
Rs.8,000. Show Profit and Loss Appropriation Account and the Capital A/c.

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 31^st 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.

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.

10.

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 31^stDecember 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

11.

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 31^st 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

12.

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.

13.

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 31^st 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.

14.

Mala,Kala and Ratna share profits and losses in the ratio of 3: 2:1. The capital on 1^st 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 31^st march 2018 and show the journal entries.

15.

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

Particulars	Manoj Rs.	Seran Rs.
Capital on 1^st 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

16.

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	-

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Answers Key:

Generic 5

16 x 5 = 80

Particulars		Rs.	Rs.	Particulars	Rs.	Rs.
To interest on capital				Byprofit and loss A/c		1,20,000
Dinesh	5,00,000 x 6/100	30,000		By interest on
Sugumar	4,00,000 x 6/ 100	24,000	54,000	drawing
To salary to Dinesh			62,000	Dinesh	3600
To commission sugumar		900		Sugumar	2300	5,900
To partner's capital A/c
Dinesh 2/3
Sugumar1/3		6000
		3000	9000
		1,25,900				1,25,900

Note: Calculation of commission
Profit before commission = 9900
\(\text { Commission }=\text { Net profit before commission } \times \frac{\text { Rate of commission }}{100+\text { Rate of commission }}\)
\(=\text { マ } 9900 \times \frac{100}{110}=\text { マ } 900\)

Particulars		Rs	Rs	Particulars	Rs	Rs
To Interest on Capital				By Net Profit		1,50,000
	A	25,600		By Interest on
				Drawing
	R	12,800	38,400	N	900
To Salary of 'S'			24,000	S	600	1,500
(2,000 X 12)
To Commission to S
(1,51,500-62,400)			8,100
\(89,100 \times \frac{10}{110}\)
To profit Tr to Capital A/c
	N	54,000
	S	27,000	81,000
			1,51,500			1,51,500

Profit Tr to Capital A/c N: Rs. 54,000; S: Rs. 27,000.

Particulars		Rs.	Rs.	Particulars		Rs.	Rs.
To Interest on				By Net Profit			60,000
				By Interest on
Capital	A	8,000		Drawing
	R	6,000	14,000		A	720
					R	480	1,200
To Salary
	A	10,000
	R	10,000	20,000
To Commission			2,720
(61,200 - 34,000)
\(\left(27,200 \times \frac{10}{100}\right)\)
To Share of Profit
	A	17,136
	R	7,344	24,480
			61,200				61,200

Share of profit A : Rs. 7,136; R : Rs. 7,344

Particulars		Rs	Rs	Particulars		Rs	Rs
To Interest on				By Net Profit			60,000
				By Interest on
Capital	A	8,000		Drawing
	R	6,000	14,000		A	720
To Salary					R	480	1,200
	A	10,000
	R	10,000	20,000
To Commission			2,720
(61,200 - 34,000)
\(\left(27,200 \times \frac{10}{100}\right)\)
To Share of Profit
	A	17,136
	R	7,344	24,490
			61,200				61,200

Particulars	Babu	Gopu	Particulars	Babu	Gobu
To Drawings	10,000	8,000	By Balance b/d	60,000	40,000
To Interest on			By Interest on
drawing	1,000	800	Capital	6,000	4,000
To P&L R/c (Loss)			By Commission	8,000	-
	20,000	10,000
To Balance c/d (B.F)	43,000	31,200	By Salary		6,000
	74,000	50,000		74,000	50,000
			By Balance bd	43,000	31,200

Capital A/c balance Babu Rs. 43,000 ; Capital A/c balance Gopi Rs. 31,200

Particulars	C	S	Particulars	C	S
To drawings	20,000	8,000	By Balance b/d	80,000	60,000
To Interest on	1,000	400	By Interest on	4,800	3,600
drawing			Capital
To Balance c/d(B.F)	1,03,800	1,05,200	By P&L A/c	40,000	40,000
			By Salary	-	10,000
	1,24,800	1,13,600		1,24,800	1,13,600
			By Balance b/d	1,03,800	1,05,200

Capital A/c balance C Rs. 1,03,800 ; Capital A/c balance S Rs. 1,05,200

Particulars		Rs.	Particulars		Rs.
To Interest on capital			By Net profit		60,000
Anitha	-8,000		By Interest on drawing
Ramita	-6,000	14,000
To salary:			Anitha	-720
Anitha	- 10,000		Ramita	-480	1,200
Ramitha	- 10,000	20,000
To commission
\(61,200-34,000=27,200 \times \frac{10}{100}\)		2,720
To Profit to capital
Anitha	- 17,136
Ramitha	-7,344	24,480
		61,240			61,200

Profit to capital : Anitha Rs.17,136; Ramith Rs.7,344

Particulars	Sudha Rs.	Sudha Rs.
Capital on 31^st December 2017	30,000	40,000
Add: Drawings	5,000	7,000
	35,000	47,000
Less: Profit already credited	15,000	15,000
Capital on 1^st January 2017	20,000	32,000

Calculation of interest on capital:
Subha: On opening capital = Rs.20,000 x \(\frac{6}{100}\) = Rs.1,200
Sudha: On opening capital = Rs.32,000 x \(\frac{6}{100}\) = Rs.1920

Profit and loss appropriation accounts for the year ended 31^st March 2019

Dr Cr
Particulars	Rs.	Rs.	Particulars	Rs.
To Interest on capital AI c			By Profit and loss AI c	40,000
Durga (50,000 x 5/100)		2,500	By Interest on drawings A/c
Preethi (60,000 x 5/100)		3,000
To Salary Durga		10,000	Durga	600
To Commission to Preethi A/c		4,000	Preethi	900
To Partner's capital A/c
To Partner's capital A/c (Profit transferred)
Durga (22,000 x 3/5)	13,200
Preethi (22,000 x 2/5)	8,800	22,000
		41,500		41,500

10.

Date of drawings	Amount withdrawn	Period up to December 31 (months)	Product Rs.
March 1	12,000	10	1,20,000
June 1	8,000	7	56,000
September 1	10,000	4	40,000
December 1	4,000	1	4,000
Sum of Product			2,20,000

Interest on drawings = Sum of product x Rate of interest x \(\frac{1}{12 }\)
= 2,20,000 x \(\frac{12}{100 }\) x \(\frac{1}{12}\) = Rs.2,200

11.

Interest on drawings = Amount of drawings x Rate of interest x Period of interest
Withdrawal on March 1= Rs.3,000 x \(\frac{6}{100}\) x \(\frac{10}{12}\) = Rs.150
Withdrawal of June 1 = ~2,000 x \(\frac{6}{100}\) x \(\frac{7}{12}\) = Rs.70
Withdrawal of September 1 = Rs.5,000 x \(\frac{6}{100}\) x \(\frac{4}{12}\) = Rs.100
Withdrawal of December 1 = Rs.4,000 x\(\frac{6}{100}\) x \(\frac{1}{12}\) = Rs.20
_______
Total interest on drawings = Rs.340
________

12.

(i) Interest on capital will not allowed as the partnership deed is silent as to the interest on capital.
(ii) Profit before interest on capital is 27,000
Computation of interest on capital:
Anusha: Rs.2,00,000 x \(\frac{3}{100}\) = Rs.6,000
Barathi: Rs.1,00,000 x \(\frac{3}{100}\) = Rs.3,000
Computation of interest on capital:
Anusha: Rs.2,00,000 x \(\frac{5}{100}\) = Rs.10,000
Barathi: Rs.1,00,000 x \(\frac{5}{100}\) = Rs.5,000

13.

Particulars	Sudha Rs.	Sudha Rs.
Capital on 31^st December 2017	30,000	40,000
Add: Drawings	5,000	7,000
	35,000	47,000
Less: Profit already credited	15,000	15,000
Capital on 1^st January 2017	20,000	32,000

Calculation of interest on capital:
Subha: On opening capital = Rs.20,000 x \(\frac{6}{100}\) = Rs.1,200
Sudha: On opening capital = Rs.32,000 x \(\frac{6}{100}\) = Rs.1920

14.

Calculation of interest on capital:
Interest on capital = Amount of capital X Rate of interest
Interest on Mala's capital = Rs.90,000 x \(\frac{5}{100}\) = Rs.4,500
Interest on Ratna's capital = Rs.60,000 x \(\frac{5}{100}\)
= Rs.3,000
Balance of current account will not be considered for calculation of interest on capital.

Date	Particulars		Debit Rs.	Credit Rs.
2018 March 31	Interest on capital A/c	Dr	7,500
	To Mala's current A/c			4,500
	To Ratna's current A/c (Interest on capital provided)			3,000
2018 March 31	Profit and loss appropriation Alc	Dr	7,500
	To Interest on capital A/c (Interest on capital closed)			7,500

15.

Dr Partner's capital Account Cr
Particulars	Manoj Rs.	Seran Rs.	Particulars	Manoj Rs.	Seran Rs.
To Drawing A/c	20,000	17,500	By Balance b/d	1,00,000	87,500
To Interest on drawings A/c	500	250	By Profit and loss appropriation A/c	10,500	8,250
To Balance c/d (Balancing figure)	1,05,000	84,500	By Interest on capital A/c	6,000	5,250
			By Salary A/c	9,000	-
			By Commission A/c	-	1,250

	1,25,500	1,02,250		1,02,250	1,02,250

			By balance b/d	1,05,000	84,500

16.

Dr Capital Account Cr
Date	Particulars	Kannagi Rs.	Vasugi Rs.	Date	Particulars	Kannagi Rs.	Vasugi Rs.
31.3.2019	To Balance c/d	1,00,000	60,000	1.4.2018	To Balance b/d	1,00,000	60,000

		1,00,000	60,000			1,00,000	60,000

Dr Current Account Cr
Particulars	Kannagi Rs.	Vasugi Rs.	Particulars	Kannagi Rs.	Vasugi Rs.
To Balance b/d	3,000	-	BY Balance b/d	-	2,000
To Drawings	8,000	5,000	By Interest on capital	5,000	3,000
To Interest on drawings	240	150	By Share of profit	12,000	10,000
To Balance c/d (Balancing figure)	9,760	9,850	By Salary	4,000	-
	21,000	15,000		21,000	15,000
			By Balance c/d	9,760	9,850