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Assignments For +2

The document contains a sample school assignment on accounting for partnership firms. It includes multiple choice questions, matching questions, and short and long answer questions related to topics like profit and loss appropriation, partnership deed, interest on capital and drawings.

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Prakhar Singh
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42 views

Assignments For +2

The document contains a sample school assignment on accounting for partnership firms. It includes multiple choice questions, matching questions, and short and long answer questions related to topics like profit and loss appropriation, partnership deed, interest on capital and drawings.

Uploaded by

Prakhar Singh
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 3

GREENWOOD PUBLIC SCHOOL (2023-2024)

Sector-9, Gurugram
ASSIGNMENT – 1
Ch-1: Accounting for Partnership Firms Fundamentals
Name: Subject: Accountancy (055)
Class: XII

A. Multiple Choice Questions :-


1) Profit and loss appropriation account is prepared to ______.
(a) Find out net profit (b) Find out divisible profit
(c) Create a reserve fund (d) None of the above
2) Partnership deed is also called ______.
(a) Articles of Association (b) Principles of Partnership
(c) Articles of Partnership (d) Prospectus
3) A partner introduced additional capital of ₹30,000 and advanced a loan of ₹40,000 to the firm at the
beginning of the year. Partner will receive year’s interest:
(a) ₹4,200 (b) ₹2,400
(c) Nil (d) ₹1,800
4) The relation of partner with the firm is that of:
(a) An Owner (b) An Agent
(c) An Owner and an Agent (d) Manager
5) A and B are partners in a partnership firm without any agreement. A has withdrawn ₹50,000 out of
his Capital as drawings. Interest on drawings may be charged from A by the firm :
(a) @ 5% Per Annum (b) @ 6% Per Annum
(c) @ 6% Per Month (d) No interest can be charged
6) The interest on capital accounts of partners under the fixed capital method is to be credited to ______.
(a) Profit and loss A/c (b) Interest A/c
(c) Partner’s current A/c (d) Partner’s capital A/c.
7) Net profit of a firm is ₹49,500. Manager is entitled to a commission of 10% on profits before charging
his commission. Manager’s Commission will be :
(a) ₹4,950 (b) ₹4,500
(c) ₹5,500 (d) ₹495.
8) Which of the following statement is true?
(a) Fixed capital account will always have a credit balance
(b) Current account can have a positive or a negative balance
(c) Fluctuating capital account can have a positive or a negative balance
(d) All of the above.
9) For the firm interest on drawings is
(a) Capital Payment (b) Expenses
(c) Capital Receipt (d) Income
10) Sushil is a partner in a firm. He withdrew ₹4,000 per month in the middle of every month during the
year ended 31st March, 2019. If interest on drawings is charged @ 8% p.a. the interest charged will
be :
(a) ₹2,080 (b) ₹1,760 (c) ₹3,840 (d) ₹1,920

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11) P, Q, and R are partners in 3 : 2 : 1. R is guaranteed that his share of profit will not be less than
₹70,000. Any deficiency will be borne by P and Q in the ratio of 2 : 1. Firm’s profit was ₹2,40,000.
Share of P will be :
(A) ₹1,00,000 (B) ₹1,10,000 (C) ₹1,20,000 (D) ₹1,02,000
12) X, Y and Z are equal partners with fixed capitals of ₹2,00,000, ₹3,00,000 and ₹4,00,000 respectively.
After closing the accounts for the year ending 31st March 2019 it was discovered that interest on
capitals @ 8% p.a. was omitted to be provided. In the adjusting entry :
(A) Dr. X and Cr. Y by ₹8,000 (B) Cr. X and Dr. Z by ₹8,000
(C) Dr. X and Cr. Z by ₹8.000 (D) Cr. X and Dr. Y by ₹8,000.

B. Match the Following:-


13)
COLUMN A COLUMN B
I Rent paid to a partner A. Charge against profits
II Salary paid to a partner B. Appropriations out of profits.
III Partner’s Commission
(a) I-A; II-B; III-B (b) I-A; II-A; III-B
(c) I-A; II-B; III-A (d) I-B; II-A; III-B
14)
COLUMN A COLUMN B
I Maximum number of partners A. 6% p.a.
II Partnership Deed B. 50
III Interest on partner’s loan C. Written agreement
(a) I-A; II-B; III-C (b) I-B; II-A; III-C
(c) I-C; II-B; III-A (d) I-B; II-C; III-A

C. There are some statements marked as Assertion (A) and Reason(R). Read the statements and
choose the appropriate option from the options given below:
(a) Both (A) and (R) are true and (R) is the correct explanation of (A)
(b) Both (A) and (R) are true and (R) is not the correct explanation of (A)
(c) (A) is true, bur (R) is false
(d) (A) is false, but (R) is true
15) Assertion (A): In the absence of Partnership deed profits and losses are divided equally among the
partners.
Reason (R): This rule is applicable according to Indian partnership Act, 1932.
16) Assertion (A): Personal properties of a partner may also be used to pay off the firm’s debts.
Reason (R): All partners have limited liability in the firm.

D. Short Answer Type Questions :-


17) Would a ‘charitable dispensary’ run by 8 members be deemed a partnership firm? Give reason in
support of your answer.
18) Chhavi and Neha were partners in a firm sharing profits and losses equally. Chhavi withdrew a fixed
amount at the beginning of each quarter. Interest on drawings is charged @ 6% p.a. At the end of the
year, interest on Chhavi’s drawings amounted to ₹ 900. Pass necessary journal entry for charging
interest on drawings.

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E. Long Answer Type Questions: -
19) Lalan and Balan were partners in a firm sharing profits in the ratio of 3 : 2. Their fixed capitals on 1st
April, 2010 were Lalan ₹ 1,00,000 and Balan ₹ 2,00,000. They agreed to allow interest on capital @
12% per annum and charge on drawings @ 15% per annum. The firm earned a profit, before all above
adjustments, of ₹ 30,000 for the year ended 31st March, 2011. The drawings of Lalan and Balan
during the year were ₹ 3,000 and ₹ 5,000 respectively. Showing your calculation clearly, prepare
profit and loss appropriation account of Lalan and Balan. The interest on capital will be allowed even
if the firm incurs loss.
20) The partners of a firm distributed the profits for the year ended 31st March,2022 ₹75,000 in the ratio
of 3:2:1. without providing for the following adjustments:
(i) A and B were entitled to a salary of 3,000 each per annum.
(ii) B was entitled to a commission of 5,000.
(iii) B and C had guaranteed a minimum profit of 30,000 p.a. to A.
(iv) Profits were to be shared in the ratio of 3:3:2.
Pass necessary journal entry for the above adjustments in the books of the firm.

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