12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Book Back 5 Mark Questions with Solution Part - II updated Book back Questions | QB365

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

Published on: 13/05/2022

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Questions:

Generic 5

5 x 5 = 25

Dinesh and Sugumar entered into a partnership agreement on 1st January 2018, Dinesh contributing Rs. 1,50,000 and Sugumar Rs. 1,20,000 as capital. The agreement provided that:
(a) Profits and losses to be shared in the ratio 2:1 as between Dinesh and Sugumar.
(b) Partners to be entitled to interest on capital @ 4% p.a.
(c) Interest on drawings to be charged Dinesh: Rs. 3,600 and Sugumar: Rs. 2,200
(d) Dinesh to receive a salary of Rs. 60,000 for the year, and
(e) Sugumar to receive a commission of Rs. 80,000.
During the year ended on 31st December 2018, the firm made a profit of Rs. 2,20,000 before adjustment of interest, salary and commission.
Prepare the Profit and loss appropriation account.

Arun and Selvam are partners who maintain their capital accounts under fixed capital method. From the following particulars, prepare capital accounts of partner

Particulars	Arun Rs.	Selvam Rs.
Capital on 1^st January, 2018	2,20,000	1,50,000
Current account on 1^st January, 2018	4,250(Dr.)	10,000(Cr.)
Additional capital introduced during the year	Nil	70,000
Withdrew for personal use	10,000	20,000
Interest on drawings	750	600
Share of profit for 2018	22,000	15,000
Interest on capital	1,100	750
Commission	6,900	Nil
Salary	Nil	6,850

Richard and Rizwan started a business on 1st January 2018 with capitals of Rs. 3,00,000 and Rs. 2,00,000 respectively. According to the Partnership Deed
(a) Interest on capital is to be provided @ 6% p.a.
(b) Rizwan is to get salary of Rs. 50,000 per annum.
(c) Richard is to get 10% commission on profit (after interest on capital and salary to Rizwan) after charging such commission.
(d) Profit-sharing ratio between the two partners is 3:2.
During the year, the firm earned a profit of Rs. 3,00,000.
Prepare profit and loss appropriation account. The firm closes its accounts on 31st December every year.

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

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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	2,20,000
Dinesh (1,50,000 \(\times\) 4%)	6,000		By Interest on drawings A/c
Sugumar (1,20,000 \(\times\) 4%)	4,800	10,800	Dinesh: 3,600
			Sugumar: 2.200	5,800
To Salary to Dinesh A/c		60,000
To Commission to Sugumar A/c		80,000
To Partner's capital A/c
(Profit transferred)
Dinesh (75,000 x 2/3)	50,000
Sugumar (75,000 x 1/3)	25,000	75,000
		2,25,800		2,25,800

Dr Partnes' Capital Account Cr
Particulars	Arun Rs.	Selvam Rs.	Particualrs	Arun Rs.	Selvam Rs.
To Balance c/d (B/F)	2,20,000	2,20,000	By Balance b/d	2,20,000	1,50,000
			By Bank (Additional capital)	-	70,000
	2,20,000	2,20,000		2,20,000	2,20,000
			By Balance b/d	2,20,000	2,20,000

Dr Partners' Current Account Cr
Particulars	Arun Rs.	Selvam Rs.	Particulars	Arun Rs.	Selvam Rs.
To Balance b/d	4,250	-	By Balance b/d	-	10,000
To Drawings A/c	10,000	20,000	By Profit and loss appropriation A/c (Share of profit)	22,000	15,000
To Interest on drawings	750	600	By Interest on capital	1,100	750
			By Commission A/c		-
			By Salary A/c	-	6,850
	30,000	32,600		30,000	32,600
			By Balance b/d	15,000	12,000

**Dr. Profit and loss appropriation account 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	3,00,000
Richard (3,00,000 x 6%)	18,000
Rizwan (2,00,000 x 6%)	12,000	30,000
To Salary to Rizwan		50,000
To Commission to Richard		20,000
To Partners’ capital A/c (profit)
Richard (3/5)	1,20,000
Rizwan (2/5)	80,000	2,00,000
		3,00,000		3,00,000

Calculation of commission:
Profit before commission = 3,00,000 – (50,000 + 30,000) = Rs. 2,20,000
Commission = Net profit before commission \(\times\) \(\frac { Rate\quad of\quad commission }{ (100+Rate\quad of\quad commission) } \)
Commission = 2,20,000 \(\times\) \(\frac { 10 }{ 110 } \) = Rs. 20,000

**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