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12th Standard English Medium Accountancy Subject Accounts of Partnership Firms-Fundamentals Book Back 5 Mark Questions with Solution Part - II Question Bank Software Jun-03 , 2021

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

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

12th Standard

    Reg.No. :
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Accountancy

Time : 00:30:00 Hrs
Total Marks : 25

    Part I

    5 x 5 = 25

  1. From the following information, prepare capital accounts of partners Shanthi and Sumathi, when their capitals are fixed.

    Particulars Shanthi
    Rs.

    Sumathi

    Rs.
    Capital on 1st January 2 1,00,000 80,000
    Current account on 1st January 2018 (Cr.) 5,000 3,000
    Additional capital introduced on 1st 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

  2. From the following information, prepare capital accounts of partners Mannan and Sevagan, when their capitals are fluctuating.

    Particulars Mannan Rs. Sevagan Rs.
    Capital on 1st January 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

  3. 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.

  4. 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 1st January, 2018 2,20,000 1,50,000
    Current account on 1st 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

  5. 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.

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