RYAN INTERNATIONAL SCHOOL, SRIPERUMBUDUR

ACADEMIC YEAR – 2023 to 2024

WORKSHEET NO – 18
NAME :
CLASS : XII SECTION : ‘C’
SUBJECT : Accountancy DATE :21.04.23

Do the correction of your April Cycle Test paper and submit it on Monday:
1. Kathir, Cyril and Moksith are three partners. On 1st April, 2020, their capital stood as:
Kathir Rs.1,00,000; Cyril Rs.2,00,000; and Moksith Rs.3,00,000. It was decided that:
They would receive Interest on Capital @ 5%. Kathir would get a salary of Rs.10,000 per
month. Cyril would receive commission @ 5% of net profit after appreciation but before
General Reserve. 10% of the net profit would be transferred to the General Reserve.
Profit for the year ended was Rs.5,00,000.
Pass the necessary Journal Entries and Prepare Profit and Loss Appropriation Account for
the year ended 31st March, 2021 and Capital Accounts of the partners. (6 Marks)
2. Sreja and Nivedhya started business on 1st April, 2021 with capital of Rs.3,00,000 and
Rs.2,00,000 respectively. According to the Partnership Deed, Nivedhya is to get salary of
Rs.5,000 per month. Sreja is to get 10% Commission on profit after allowing salary to
Nivedhya and Interest to be to allowed on capitals @ 6% p.a. profit-sharing ratio between
the two partners is 3:2.
Sreja has given loan of Rs.1,00,000 to the firm on 1st April, 2021. interest on Loan was
agreed to be allowed @ 8% p.a. Nivedhya was given loan of Rs.2,00,000 on which
interest was charged Rs.11,000. managers was to be allowed commission of Rs.3,000.
Profit of the firm before these adjustments was Rs.2,50,000.
Pass Journals Entries for distribution of Profit and Prepare Profit and Loss Appropriation
Account. The firm closes its books of account on 31st March every year. (6 Marks)
3. Sky and Birds are partners sharing profits and losses in the ratio of 2:3 with capitals of
Rs.2,00,000 and Rs.1,00,000 respectively. Pass the necessary Journal Entries for
distribution of P/L for the year ended 31st March, 2022 in each of the alternative cases.
Case 1: If PD does not provide for IOC and profit for the year is Rs.20,000
Case 2: If PD provides for IOC @ 6% as a charge on profit and the profit for the year is
Rs.20,000
Case 3: If PD provides for IOC @ 6% as a charge on profit and the profit for the year is
Rs.18,000
Case 4: If PD provides for IOC @ 6% p.a. and the profit for the year is Rs.15,000. (4
Marks)
4. Mokshith and Mourish are partners in a business and their capitals at the end of the year
were Rs.7,00,000 and Rs.6,00,000 respectively. Following are the information from their
books of accounts:Drawings of Mokshith and Mourish for the year were Rs.75,000 and
Rs.50,000 respectively.
Mourish introduced capital of Rs.1,00,000 during the year.IOC credited to the Capital
Accounts of Mokshith and Mourish were Rs.15,000 and Rs.10,000 respectively.IOD
debited to the Capital Accounts of Mokshith and Mourish were Rs.7,500 and Rs.5,000
respectively.
Calculate their Opening Capitals under two conditions:
a. When there is a Share of Profit credited to Capital Accounts was Rs.1,00,000 each.
b. When there is a share of Loss debited to Capital Accounts of each partners was
Rs.20,000. (4 Marks)

***ALL THE BEST***