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Published on: 13/05/2022
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Take MCQ Accountancy Test
1.
Write up the capital and current accounts of the partners, Kannagi and vasugi from the following details.
| Particulars | Kannagi Rs. | Vasugi Rs. |
|---|---|---|
| Capital on 1.4.2018 | 1,00,000 | 60,000 |
| Current Alc on 1.4.2018 | 3,000(Dr) | 2,000(Cr) |
| Drawing during 2018-19 | 8,000 | 5,000 |
| Interest on capital | 5,000 | 3,000 |
| Interest in drawings | 240 | 150 |
| Share of profit 2018-19 | 12,000 | 10,000 |
| Partner's salary | 4,000 | - |
2.
Mala,Kala and Ratna share profits and losses in the ratio of 3: 2:1. The capital on 1st April 2017 was Rs.90,000 for Mala, 75,000 for Kala and Rs.60,000 for Ratna and their current accounts show a credit balance of Rs.15,000,10,000 and Rs.5000 respectively. Calculate interest on capital at 5% p.a for the year ending 31st march 2018 and show the journal entries.
3.
Anusha and Barathi contribute Rs.2,00,000 and Rs.1,00,000 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.
4.
Kala is a partner in a partnership firm. As per partnership deed, interest on drawings is charged at 12% p.a. During the year ended 31stDecember 2018. She drew as follows.
| Date | Rs. |
|---|---|
| March 1 | 12,000 |
| June 1 | 8,000 |
| September 1 | 10,000 |
| December 1 | 4,000 |
Calculate the amount of interest on drawings by using produce method
5.
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.
| Liabilities | Rs. | Assets | Rs. |
|---|---|---|---|
| Capital accounts: | Fixed assets | 60,000 | |
| Subha | 30,000 | Current assets | 20,000 |
| Sudha | 40,000 | ||
| P&L App A/C | 10,000 | ||
| P&L App A/C | 80,000 | 80,000 | |
Drawing of Shubha and Sudha during the year were Rs.5,000 and Rs.7,000 respectively profit earned during the year was Rs.30,000.
1.
| Date | Particulars | Kannagi Rs. |
Vasugi Rs. |
Date | Particulars | Kannagi Rs. |
Vasugi Rs. |
|---|---|---|---|---|---|---|---|
| 31.3.2019 | To Balance c/d | 1,00,000 | 60,000 | 1.4.2018 | To Balance b/d | 1,00,000 | 60,000 |
| 1,00,000 | 60,000 | 1,00,000 | 60,000 |
| Date | Particulars | Kannagi Rs. |
Vasugi Rs. |
Date | Particulars | Kannagi Rs. |
Vasugi Rs. |
|---|---|---|---|---|---|---|---|
| To Balance b/d | 3,000 | - | BY Balance b/d | - | 2,000 | ||
| To Drawings | 8,000 | 5,000 | By Interest on capital | 5,000 | 3,000 | ||
| To Interest on drawings | 240 | 150 | By Share of profit | 12,000 | 10,000 | ||
| To Balance c/d (Balancing figure) | 9,760 | 9,850 | By Salary | 4,000 | - | ||
| 21,000 | 15,000 | 21,000 | 15,000 | ||||
| By Balance c/d | 9,760 | 9,850 |
2.
Calculation of interest on capital:
Interest on capital = Amount of capital X Rate of interest
Interest on Mala's capital = Rs.90,000 x \(\frac{5}{100}\) = Rs.4,500
Interest on Ratna's capital = Rs.60,000 x \(\frac{5}{100}\)
= Rs.3,000
Balance of current account will not be considered for calculation of interest on capital.
| Date | Particulars | L.F | Debit Rs. |
Credit Rs. |
|
|---|---|---|---|---|---|
| 2018 March 31 | Interest on capital A/c | Dr | 7,500 | ||
| To Mala's current A/c | 4,500 | ||||
| To Ratna's current A/c (Interest on capital provided) | 3,000 | ||||
| 2018 March 31 | Profit and loss appropriation Alc | Dr | 7,500 | ||
| To Interest on capital A/c (Interest on capital closed) | 7,500 |
3.
(i) Interest on capital will not allowed as the partnership deed is silent as to the interest on capital.
(ii) Profit before interest on capital is 27,000
Computation of interest on capital:
Anusha: Rs.2,00,000 x \(\frac{3}{100}\) = Rs.6,000
Barathi: Rs.1,00,000 x \(\frac{3}{100}\) = Rs.3,000
Computation of interest on capital:
Anusha: Rs.2,00,000 x \(\frac{5}{100}\) = Rs.10,000
Barathi: Rs.1,00,000 x \(\frac{5}{100}\) = Rs.5,000
4.
| Date of drawings | Amount withdrawn | Period up to December 31 (months) | Product Rs. |
|---|---|---|---|
| March 1 | 12,000 | 10 | 1,20,000 |
| June 1 | 8,000 | 7 | 56,000 |
| September 1 | 10,000 | 4 | 40,000 |
| December 1 | 4,000 | 1 | 4,000 |
| Sum of Product | 2,20,000 | ||
Interest on drawings = Sum of product x Rate of interest x \(\frac{1}{12 }\)
= 2,20,000 x \(\frac{12}{100 }\) x \(\frac{1}{12}\) = Rs.2,200
5.
| Particulars | Sudha Rs. |
Sudha Rs. |
|---|---|---|
| Capital on 31st December 2017 | 30,000 | 40,000 |
| Add: Drawings | 5,000 | 7,000 |
| 35,000 | 47,000 | |
| Less: Profit already credited | 15,000 | 15,000 |
| Capital on 1st January 2017 | 20,000 | 32,000 |
Calculation of interest on capital:
Subha: On opening capital = Rs.20,000 x \(\frac{6}{100}\) = Rs.1,200
Sudha: On opening capital = Rs.32,000 x \(\frac{6}{100}\) = Rs.1920
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