Class 12 Date -

Subject Acountancy

Chapter- Fundamentals of Partnership

Q1 Calculate the interest on drawings of Mr. Lead @10% p.a. for the year ended 31at mar 2014, if he
withdrew the following amounts as under:

April,30 ₹3,600 , June,30 ₹2400 , Oct,1 ₹4,800,Dec,31 ₹1,800 , Feb ,1 ₹ 3,000

Q2 On 31st March, 2014 after the close of the accounts, the capital accounts of X and Y stood in the
books of the firm at ₹ 240,000 and ₹3,00,000 respectively. On 1st May 2013, X introduced an additional
capital of 60000 and Y withdrew ₹30,000 from his capital. On 1st October 2013, X withdrew ₹ 1,20,000
from his capital and Y introduced ₹1,50,000 Interest on capital is allowed @6% p.a. Subsequently, it was
discovered that interest on capital @6% p.a. had been omitted. The profit for the year ended 31st
March ,2014 amounted to ₹ 1,20,000 and the partner’s drawings had been X ₹ 60,000 and ₹30,000. The
profit sharing ratio of X and Y was 3:2.

Required : Calculate the interest on capital if the capitals are (a) fixed (b) fluctuating.

Q3 X and Y are sharing partners sharing the profits and losses in ratio of 2:3 with the capital of ₹ 12,000
and ₹6,000 respectively. The partnership deed provides for interest on capital @6% p.a. , even it
involves the firm in loss and the profits for the year are V ₹900 . Show the distribution of profit/loss by
preparing the relevant account.

Q4 A and B entered into partnership on 1 April ,2013 without any deed . They introduce capitals of
₹3,00,000 and ₹1,80,000 respectively. On 31st October , A advanced ₹ 1,20,000 by way of loan to be
firm without any agreement as to interest . The profit and loss account for the year ended 31st March
2014 showed a profit of ₹ 2,58,000 but the partners could not agree upon the amount of interest on
loan to be charged and the basis of division of profits . Pass journal entry for the distribution of the
profit between partners and prepare the capital account of both the partners and Loan account

Q5 X and Y are partners sharing the profits and losses in the ratio 3:2 . X being a non-working partner
contributed ₹3,00,000 as his capital on 1st April ,2013 . Y being a working partner agreed to work for the
firm. The partnership deeds provide of interest on capital @8% and salary to every working partners
@₹1,200 p.m. X advanced a loan of ₹1,20,000 on 31st Oct, 2013 . Net profit before providing for any
interest and partner’s salary for the year 2013-2014 was ₹15,000 . Prepare the P & L appropriation
account.

Q6 X, Y and Z entered into a partnership on 1st Oct ,2013 to share profits and losses in the ratio of
5:3:2 . The total capital was fixed at ₹ 10,80,000 to be contributed by X, Y and Z in the ratio of 4:3:2 . X
granted a loan of ₹60,000 on 1 st Jan,2014 . The partnership deed provided for interest on capital @10%
p.a. Interest on Drawings @12% p.a. salary to Y @₹3,600 p.m. And salary to Z @ ₹3,600 per quarter . Y’s
Drawings during the period ended the 31st March ,2014 were ₹30,000 . The profits of the firm for the
period ended 31st march ,2014 before providing for any interest and salary were ₹1,29,600 .

Prepare profit and loss appropriation account.

Q7 The capitals of A,B and C as on 31st March ,2014 amounted to ₹18,000 , ₹66,000 and ₹1,32,000
respectively. The Profit amounting to ₹36,000 for the year 2013-2014 were distributed in the ratio of
4:1:1 after allowing interest on capital @10% p.a. During the year each partner withdrew ₹72,000 the
partnership deed was silent as to profit sharing ratio but provided for internet on capital @12%.

Required : give the necessary adjusting journal entry

Q8 A, B and C entered into partnership on 1st October, 2013 to share profits and losses in the ratio of
4 : 3 : 3. A, personally guaranteed that C's share of profit after charging interest on capital @ 10% p.a.
would not be less then ₹ 48,000 in any year. The capital contributions were: A– ₹ 1,80,000, B– ₹ 1,20,000
and C– ₹90,000 . The profit for the year ended 31st March, 2014 amounted to ₹96,000. Prepare Profit
and Loss Appropriation Account.