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12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Creative 2 Mark Questions with Solution Part - II updated Creative Questions

Published on: 13/05/2022

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Std: 12th Standard - Accountancy

chapter: - Creative Questions

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Questions:

Generic 2

5 x 2 = 10

State where the following items shall appear in case the capital contributed by partners remain fixed
i) Interest on capital
ii) Withdrawal of capital
iii) Fresh capital introduced
iv) Drawings
v) Share of profit by a partner

Salary or commission paid to a partner is debited to profit and loss appropriation account and not to profit and loss account. Why?

Interest on partner's capital and interest on drawings are recorded through profit and loss appropriation account instead of profit and loss account. Why?

Suresh and Ramesh are partners in a firm with capitals of Rs. 3,00,000 and Rs. 4,00,000 respectively. The do not have a partnership deed. Ramesh wants to share the profits in the ratio of capitals. State with reason whether the claim is valid

What is partner's current Account?

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Answers Key:

Generic 2

5 x 2 = 10

(i) Credit side of partner's current account.
(ii) Debit side of partner's capital account
(iii) Credit of partner's capital account
(iv) Debit side of partner's current account
(v) Credit side of partner's current account

It is so because salary or commission paid to a partner is not a charge on profit but an I appropriation of profit.

Interest on partner's capital and interest on drawings are an appropriation of profit and not a charge on profit and hence is recorded through profit and loss appropriation account instead of profit and loss account

According to Indian partnership Act, 1932 in the absence of partnership deed, profits are shared equally among the partners. So, the claim of Ramesh to share the profits in the ratio of capitals is not valid.

In the current account, the transactions relating to drawings, interest on capital, interest on drawings, salary, share of profit or loss etc, are recorded. Hence, the balance in the currents accounts change every year.