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

12th Standard

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Accountancy

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

    Part I

    5 x 3 = 15
  1. From the following balance sheets of Subha and Sudha who share profits and losses equally, calculate interest on capital at 6% p.a. for the year ending 31st December 2017.

    Balance sheet as on 31st December 2017
    Liabilities Rs. Assets Rs.
    Capital accounts:   Fixed assets 30,000
    Subha 15,000 Current assets 20,000
    Sudha 20,000    
      15,000    
      50,000   50,000

    Drawings of Subha and Sudha during the year were Rs. 2,500 and Rs. 3,500 respectively. Profit earned during the year was Rs. 15,000.

  2. A and B contribute Rs. 4,00,000 and Rs. 2,00,000 respectively as capital. Their respective share of profit is 3:2 and the profit before interest on capital for the year is Rs. 27,000. Compute the amount of interest on capital in each of the following situations:
    (i) if the partnership deed is silent as to the interest on capital
    (ii) if interest on capital @ 3% is allowed as per the partnership deed
    (iii) if the partnership deed allows interest on capital @ 5% p.a.

  3. Arul is a partner in a partnership firm. As per the partnership deed, interest on drawings is charged at 12% p.a. During the year ended 31st December 2018 he drew as follows:

    Date Rs.
    March 1 3,000
    June 1 3,000
    September 1 3,000
    December 1 3,000

    Calculate the amount of interest on drawings. 

  4. John is a partner in a firm. He withdraws Rs.1,000 p.m. regularly. Interest on drawings is charged @ 5% p.a. Calculate the interest on drawings using average period, if he draws
    (i) at the beginning of every month
    (ii) in the middle of every month
    (iii) at the end of every month

  5. Arulappan and Nallasamy are partners in a firm sharing profits and losses in the ratio of 4:1. On 1st January 2018, their capitals were Rs. 20,000 and Rs. 10,000 respectively. The partnership deed specifies the following:
    (a) Interest on capital is to be allowed at 5% per annum.
    (b) Interest on drawings charged to Arulappan and Nallasamy are Rs. 200 and Rs. 300 respectively.
    (c) The net profit of the firm before considering interest on capital and interest on drawings amounted to Rs. 18,000.
    Give necessary journal entries and prepare Profit and loss appropriation account for the year ending 31st December 2018. Assume that the capitals are fluctuating.

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