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

Published on: 03/06/2021

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Questions:

Generic 5

5 x 5 = 25

Antony and Ranjith started a business on 1st April 2018 with capitals of Rs. 4,00,000 and Rs. 3,00,000 respectively. According to the Partnership Deed, Antony is to get salary of Rs. 90,000 per annum, Ranjith is to get 25% commission on profit after allowing salary to Antony and interest on capital @ 5% p.a. but after charging such commission. Profit-sharing ratio between the two partners is 1:1. During the year, the firm earned a profit of Rs. 3,65,000.
Prepare profit and loss appropriation account. The firm closes its accounts on 31st March every year.

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

Particulars	Padmini Rs.	Padma Rs.
Capital on 1^st January 2018 (Cr. balance)	5,00,000	4,00,000
Drawings during 2018	70,000	40,000
Interest on drawings	2,000	1,000
Share of profit for 2018	52,000	40,000
Interest on capital	30,000	24,000
Salary	45,000	Nil
Commission	Nil	21,000

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

Particulars	Rooban Rs.	Deri Rs.
Capital on 1^st April, 201	70,000	50,000
Current account on 1^st April, 2018 (Cr.)	25,000	15,000
Additional capital introduced	18,000	16,000
Drawings during 2018 – 2019	10,000	6,000
Interest on drawings	500	300
Share of profit for 2018 – 2019	35,000	25,800
Interest on capital	3,500	2,500
Salary	Nil	18,000
Commission	12,000	Nil

Durai and Velan entered into a partnership agreement on 1st April 2018, Durai contributing Rs. 25,000 and Velan Rs. 30,000 as capital. The agreement provided that:
(a) Profits and losses to be shared in the ratio 2:3 as between Durai and Velan.
(b) Partners to be entitled to interest on capital @ 5% p.a.
(c) Interest on drawings to be charged Durai: Rs. 300 Velan: Rs. 450
(d) Durai to receive a salary of Rs. 5,000 for the year, and
(e) Velan to receive a commission of Rs. 2,000
During the year, the firm made a profit of Rs. 20,000 before adjustment of interest, salary and commission. Prepare the Profit and loss appropriation account.

Bragathish and Naresh are partners who maintain their capital accounts under fixed capital method. From the following particulars, prepare capital accounts of partners.

Particulars	Bragathish Rs.	Naresh Rs.
Capital on 1^stApril 2018	4,00,000	6,00,000
Current account on 1^st April 2018	20,000(Cr.)	15,000(Dr.)
Additional capital introduced during the	50,000	Nil
Drawings made during the year	45,000	60,000
Interest on drawings	2,000	3,000
Share of profit for the year	80,000	1,20,000
Interest on capital	20,000	30,000
Commission	17,000	Nil
Salary	Nil	38,000

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Answers Key:

Generic 5

5 x 5 = 25

Dr Profit and loss appropriation accounts for the year ended
31st December 2018 Cr
Particulars	Rs.	Rs.	Particulars	Rs.
To Interest on capital A/c			By Profit and loss A/c	3,65,000
Antony (4,00,000 \(\times\) 5%)	20,000
Ranjith (3,00,000 \(\times\) 5%)	15,000	35,000
To Salary to Antony		90,000
To Commission to Ranjith		48,000
To Partner's capital A/c (profit)
Antony \(\left( 1,92,000\times \frac { 1 }{ 2 } \right) \)	96,000
Ranjith \(\left( 1,92,000\times \frac { 1 }{ 2 } \right) \)	96,000	1,92,000
		3,65,000		3,65,000

Profit before commission = 3,65,000 - (35,000 + 90,000) = Rs. 2,40,000
Commission = Net profit before commission \(\times\) \(\frac{Rate \ of \ commission}{(100+Rate \ of \ commission)}\)
Commission = 2,40,000 \(\times\) \(\frac{25}{125}\) = Rs. 48,000

Dr Partners' Capital A/c
Particulars	Padmini Rs.	Padma Rs.	Particulars	Padmini Rs.	Padma Rs.
To Drawing A/c	70,000	40,000	By Balance b/d	5,00,000	4,00,000
To Interest on drawings A/c	2,000	1,000	By Profit and loss appropriation A/c	52,000	40,000
To Balance c/d	5,55,000	4,44,000	By Interest on capital A/c	30,000	24,000
			By Salary A/c	45,000	-
			By Commission A/c	-	21,000
	6,27,000	4,85,000		6,27,000	4,85,000
			By Balance b/d	5,55,000	4,44,000

Dr Partnes' Capital Account Cr
Date	Particulars	Rooban Rs.	Deri Rs.	Date	Particualrs	Rooban Rs.	Deri Rs.
2018 March 31	To Balance c/d (Balancing figure)	88,000	66,000	2018 1 April	By Balance b/d	70,000	50,000
					By Bank (Additional capital)	18,000	16,000
		88,000	66,000			88,000	66,000
				2019 April 1	By Balance b/d	88,000	66,000

Dr Partners' Current Account Cr
Particulars	Rooban Rs.	Deri Rs.	Particulars	Rooban Rs.	Deri Rs.
To Drawings	10,000	6,000	By Balance b/d	25,000	15,000
To Interest on drawings	500	300	By Profit and loss appropriation A/c (Share of profit)	35,000	25,800
To Balance c/d (B/F)	65,000	55,000	By Interest on capital	3,500	2,500
			By Salary	-	18,000
			By Commission	12,000	-
	75,500	61,300		75,500	61,300
			By Balance b/d	65,000	55,000

Dr. Profit and loss appropriation account for the year ended 31st March 2019 Cr.
Particulars	Rs.	Particulars	Rs.
To Interest on capital A/c:		By Profit and loss A/c	20,000
Durai (25,000 \(\times\) 5%)	1,250	By Interest on drawings A/c
Velan (30,000 \(\times\) 5%)	1,500	Durai	300
To Salary to Durai A/c	5,000	Velan	450
To Commission to Velan A/c	2,000
To Partners’ capital A/c (profit transferred)
Durai (11,000 \(\times\) 2/5)	4,400
Velan (11,000 \(\times\) 3/5)	6,600	11,000
		20,750	20,750

**Dr. Partners’ Capital Account Cr**
Particulars	Bragathish Rs.	Naresh Rs.	Particulars	Bragathish Rs.	Naresh Rs.
To Balance c/d	4,50,000	6,00,000	By Balance b/d	4,00,000	6,00,000
			By Bank A/c	50,000	-
			(Additional capital)
	4,50,000	6,00,000		4,50,000	6,00,000
			By Balance b/d	4,50,000	6,00,000

**Dr. Partners’ Current Account Cr**
Particulars	Bragathish Rs.	Naresh Rs.	Particulars	Bragathish Rs.	Naresh Rs.
To Balance b/d	-	15,000	By Balance b/d	20,000	-
			By Profit and loss
To Drawings A/c	45,000	60,000
			appropriation A/c	80,000	1,20,000
To Interest on			(share of profi
	2,000	3,000
To Balance c/d	90,000	1,10,000	By Interest on capita A/c	20,000	30,000
			By Commission A/c	17,000	-
			By Salary A/c	-	38,000

	1,37,000	1,88,000		1,37,000	1,88,000
			By Balance b	90,000	1,10,000