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Fundamentals of Partnership - Class Test

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22 views2 pages

Fundamentals of Partnership - Class Test

Uploaded by

abiyabijujms
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Class Test( Fundamentals of Partnership)

SUB: Accountancy
STD: XII MAX MKS: 15
Date: 23/05/2022
1. A and B are partners in a firm without a Partnership Deed. A is (1)
an active partner and claims a salary of Rs.18,000 per month.
State with reason whether the claim is valid or not.
2. Distinguish between Fixed capital and Current Capital. (1)
st
3. On 31 March,2019 the Capital Accounts of Archana and Anagha (3)
showed a credit balances of Rs.4,00,000 and Rs.3,00,000
respectively, after taking into account, drawings and net profit of
Rs.2,00,000. The drawings of the partners during the year 2018-
19 were:
1) Archana withdrew RS.10,000 at the end of each quarter.
2) Anagha’s drawings were;
* 31st May 2018 Rs.8,000
st
* 1 November, 2018 Rs.7,000
*1st February 2019 Rs.5,000
Calculate interest on drawings @ 6% p.a. and interest on Capital
@ 10% p.a. for the year ended 31st March,2019.

4. X,Y and Z are equal partners. On 1st April 2017 the balances in (4)
their Capital Account being Rs.30,000; Rs.25,000 and Rs.20,000
respectively. The profit for the year ended 31 st March 2018,
Rs.24,000 had already distributed to partners in the proportion in
which their share profits. Their drawings were X Rs.5,000; Y
Rs.4,000 and Z Rs.3,000 during the year ended 31 st March 2018.
Subsequently the following omissions were noticed and it was
decided to bring them into account.

1) Interest on capital @10% per annum.


2) Interest on drawings @10% per annum.

Pass necessary adjustment entry.

5. Anu and Manu were partners in a firm. Their capital as on 1 st (6)


April 2017 Rs.2,50,000 and Rs.1,50,000. They agreed to
appropriate a profit of their firm on the following terms.

1) Interest @5% per annum. Is to be provided on capital.


2) Anu will be entitled to a renumeration of Rs.5,000 per
Month.
3) Interest on loan to be given by the firm to the partner @8%
per annum.
4) Interest on drawings to be charged from the partners @5%
per annum.
5) Manu to get a commission of 2% on the sales made during
the year.
6) Anu is entitled to a rent of Rs.50,000 per annum for
allowing the firm to carry on the business in his premises.
7) Loan advanced Rs.1,25,000 by Manu.
8) Anu withdrew Rs.3,000 in the beginning of every month,
and Manu withdrew Rs.2,000 at the middle of every
quarter.

Prepare profit and loss appropriation account for the year ended
2019.

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