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12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Book Back 3 Mark Questions with Solution Part - I Question Bank Software Jun-02 , 2021

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12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Book Back 3 Mark Questions with Solution Part - I

12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Book Back 3 Mark Questions with Solution Part - I

12th Standard

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Accountancy

Time : 00:30:00 Hrs
Total Marks : 15

    Part I

    5 x 3 = 15

  1. State any six contents of a partnership deed.

  2. Write a brief note on the applications of the provisions of the Indian Partnership Act, 1932 in the absence of partnership deed.

  3. Akash, Bala, Chandru and Daniel are partners in a firm. There is no partnership deed. How will you deal with the following?
    (i) Akash has contributed maximum capital. He demands interest on capital at 10% per annum.
    (ii) Bala has withdrawn Rs. 3,000 per month. Other partners ask Bala to pay interest on drawings @ 8% per annum to the firm. But, Bala did not agree to it.
    (iii) Akash demands the profit to be shared in the capital ratio. But, others do not agree.
    (iv) Daniel demands salary at the rate of Rs. 10,000 per month as he spends full time for the business.
    (v) Loan advanced by Chandru to the firm is Rs. 50,000. He demands interest on loan @ 12% per annum.

  4. The capital account of Begum and Fatima on 1st January, 2018 showed a balance of Rs. 50,000 and Rs. 40,000 respectively. On 1st October, 2018, Begum introduced an additional capital of Rs. 10,000 and on 1st May, 2018 Fatima introduced an additional capital of Rs. 9,000. Calculate interest on capital at 4% p.a. for the year ending 31st December, 2018.

  5. From the following balance sheets of Subha and Sudha who share profits and losses in 2 : 3, calculate interest on capital at 5% p.a. for the year ending 31st December, 20

    Balance sheet as on 31st December, 2018
    Liabilities Rs. Rs. Assets Rs.
    Capital accounts     Fixed assets 70,000
    Subha 40,000   Current assets 60,000
    Sudha 60,000 1,00,000    
    Current liabilities   30,000    
        1,30,000   1,30,000

    Drawings of Subha and Sudha during the year were Rs. 8,000 and Rs. 10,000 respectively. Profit earned during the year was Rs. 30,000

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