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12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Book Back 2 Mark Questions with Solution Part - I updated Book back Questions

Published on: 13/05/2022

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Questions:

Generic 2

4 x 2 = 8

Ram and Shyam were partners. Ram withdrew Rs. 18,000 at the beginning of each half year. Interest on drawings is chargeable @ 10% p.a. Calculate interest on the drawings for the year ending 31st December 2018 using average period.

Mathew is a partner who withdrew Rs.20,000 during the year 2018. Interest on drawings is charged at 10% per annum. Calculate interest on drawings on 31st December 2018.

Mannan and Ramesh share profits and losses in the ratio of 3:2 and their capital on 1st April, 2018 was Mannan Rs. 1,50,000 and Ramesh Rs. 1,00,000 respectively and their current accounts show a credit balance of Rs. 25,000 and Rs. 20,000 respectively. Calculate interest on capital at 6% p.a. for the year ending 31^st March, 2019 and show the journal entries.

What is the journal entry to be passed for providing interest on capital to a partner?

Generic 3

1 x 3 = 3

Santhosh is a partner in a partnership firm. As per the partnership deed, interest on drawings is charged at 6% per annum. During the year ended 31st December, 2018 he withdrew as follows:

Date	Rs.
February 1	2,000
May 1	10,000
July 1	4,000
October 1	6,000

Calculate the amount of interest on drawing.

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Answers Key:

Generic 2

4 x 2 = 8

Calculation of interest on drawings of Ram (using average period)
Total amount of drawings = 18,000 \(\times\) 2 = Rs. 36,000
If drawings are made at the end of every half year, average period = 9
Interest on drawings = Total amount of drawings \(\times\) Rate of interest \(\times\) \(\frac{Average \ period}{12}\)
= Rs. 36000 \(\times\) \(\frac{10}{100}\times\frac{9}{12}\)
= Rs. 2,700

Interest on Drawings = Rs. 20,000 x \(\frac{10}{100}\) x \(\frac{6}{12}\)
= Rs. 1000
Interest on Drawings of Mathew = Rs.1,000

Calculation of interest on capital:
Interest on capital = Amount of capital \(\times\) Rate of interest
Interest on Mannan's capital = 1,50,000 \(\times\) \(\frac{6}{100}\) = Rs. 9,000
Interest on Ramesh's capital = 1,00,000 \(\times\) \(\frac{6}{100}\) = Rs. 6,000

Journal entries
Date	Particulars	L.F	Debit Rs.	Credit Rs.
2019 March 31	Interest on capital A/c Dr To Mannan's current A/c To Ramesh's current A/c (Interest on capital provided)		15,000	9,000 6,000
2019 March 31	Profit and loss appropriation A/c Dr To Interest on capital A/c (Interest on capital closed)		15,000	15,000

Following are the journal entries to be made in the books of the partnership firm.
a. For providing interest on capital:

Date	Particulars	L.F	Debit Rs.	Credit Rs.
	Interest on capital A/c Dr		XXXX
	To partner's capital I currentA/c			XXXXX

b. For closing interest on capital account:

Date	Particulars	L.F	Debit Rs.	Credit Rs.
	Profit and loss appropriation A/c Dr		XXXX
	To Interest on Capital A/c			XXXXX

Generic 3

1 x 3 = 3

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

Withdrawal on February 1	= Rs. 2,000 x \(\frac{6}{100}\) x \(\frac{11}{12}\)	= Rs. 110
Withdrawal on May 1	= Rs.10,000 x \(\frac{6}{100}\) x \(\frac{8}{12}\)	= Rs. 400
Withdrawal on July 1	= Rs. 400 x \(\frac{6}{100}\) x \(\frac{6}{12}\)	= Rs. 120
Withdrawal on October 1	= Rs. 6000 x \(\frac{6}{100}\) x \(\frac{3}{12}\)	= Rs. 90
Total interest on drawings		= Rs.720