CLASS XII (ACCOUNTANCY)
ASSIGNMENT (PARTNERSHIP – FUNDAMENTALS)
1. Following are essential elements of a partnership firm
except:
a. At
least two persons
b. There
is an agreement between all partners
c. Equal
share of profits and losses
d. Partnership
agreement is for some business
2. Which
of the following statement is true?
a. A
minor cannot be admitted as a partner
b. A
minor can be admitted as a partner, only into the benefits of the partnership
c. A
minor can be admitted as a partners but his rights and liabilities are same of
adult partner
d. None
of the above
3. In
case of partnership the act of any partner is:
a. Binding
on all partners
b. Binding
on that partner only
c. Binding
on all partners except that particular partner
d. None
of the above
4. The
relation of partner with firm is that of:
a. An
owner
b. An
agent
c. An
owner and an agent
d. Manager
5. Interest
on capital will be paid to the partners if provided for the partnership deed
but only out of:
a. Profits
b. Reserves
c. Accumulated
profits
d. Goodwill
6. Which
one of the following items cannot be recorded in the profit and loss
appropriation account?
a. Interest
on capital
b. Interest
on drawings
c. Rent
paid to partners
d. Partner’s
salary
7. P
and Q are partners sharing profits in the ratio of 1:2. R was manager who received the salary of Rs.
10,000 p.m. in addition to commission of 10% on net profits after charging such
commission. Total remuneration to R
amounted to Rs. 1,80,000. Profit for the
year before charging salary and commission was:
a. Rs.
7,20,000
b. Rs.
6,00,000
c. Rs.
7,80,000
d. Rs.
6,60,000
8. Oustensible partners are those who
a. Do
not contribute any capital but get some share of profit for lending their name
to the business
b. Contribute
very less capital but get equal profit
c. Do
not contribute any capital and without having any interest in the business,
lend their name to the business
d. Contribute
maximum capital of the business
9. A
and B are partners. B draws a fixed
amount at the end of every month.
Interest on drawings if charged @ 15% p.a. At the end of the year interest on B’s
drawings amounts to Rs. 8,250. Drawings
of B were
a. Rs.
12,000 p.m.
b. Rs.
10,000 p.m.
c. Rs.
9,000 p.m.
d. Rs.
8,000 p.m.
10. A
and B are partners in a firm. They are entitled to interest on their capital
but the net profit was not sufficient for this interest, then the net profit
will be distributed among partners in:
a. Agreed
Ratio
b. Profit
sharing Ratio
c. Capital
Ratio
d. Equally
11. Does
partnership firm has a separate legal entity? Give reason in support of your
answer.
12. Write
two items of debit side of Current account.
13. Ritesh
and Hitesh are childhood friends. Ritesh
is a consultant whereas Hitesh is an architect.
They contributed equal amounts and purchased a building for Rs. 2
crores. After a year, they sold it for
Rs. 3 crores and shared the profits equally.
Are they doing the business in partnership? Give reason in support of your answer.
14. A,
B and C were partners in a firm sharing profits in the ratio of 3:2:1. B was guaranteed a profit of Rs.
2,00,000. During the year the firm
earned a profit of Rs. 84,000. Calculate
the net amount of Profit/Loss transferred to the capital accounts of A and C.
15. A,
B and C are in partnership. On 1st
April, 2018 their capitals were: A Rs. 5,00,000 (Cr.), B Rs. 3,00,000 (CR.) and
C Rs. 40,000 (Dr.). As per partnership
deed interest on capital is to be allowed @ 6% p.a. and interest on drawings is
to be charged @ 8% p.a. You find that
a. On
1st July 2018, A withdrew Rs. 1,00,000 against capital;
b. B
withdrew Rs. 5,000 p.m. during the year.
c. C
withdrew Rs. 60,000 during the year
The profit for the year
ended 31st March, 2019 amounted to Rs. 3,84,000.
You are required to
prepare Journal entries for the above transactions and also prepare partner’s
capital accounts.
16. Rajeev
and Sanjeev were partners in a firm.
Their partnership deed provided that the profits shall be divided as
follows:
First Rs. 20,000 to Rajeev and the
balance in the ratio of 4:1. The profits for the year ended 31st
March, 2017 were Rs. 60,000 which has been distributed among the partners. On 1-4-2016 their capital were Rajeev Rs.
90,000 and Sanjeev Rs. 80,000. Interest
on capital was to be provided @ 6% p.a. While preparing the profit and loss
appropriation interest on capital was omitted.
Pass necessary rectifying entry for the same. Show your workings clearly.
17. On
31st March, 2014, the balance in capital accounts of A, B and C
after making adjustments for profits and drawings were Rs. 1,60,000; Rs.
1,20,000 and Rs. 80,000 respectively.
Subsequently, it was discovered that the interest on capital and
drawings had been omitted.
·
The profit for the year ended 31st
March, 2014 was Rs. 40,000
·
During the year, A and B each withdrew a
total sum of Rs. 24,000 in equal instalments in the beginning of each month and
C withdrew a total sum of Rs. 48,000 in equal instalments at the end of each
month.
·
The interest on drawings was to be
charged @ 5% p.a. and interest on capital was to be allowed @ 10% p.a.
·
The profit sharing ratio among the
partners was 2:1:1
Showing your working notes clearly, pass the necessary rectifying entry.
18. Ahmed,
Bheem and Daniel are partners in a firm.
On 1st April, 2017 the balance in their capital accounts
stood at Rs. 8,00,000; Rs. 6,00,000 and Rs. 4,00,000 respectively. They shared profits in the proportion of
5:3:2 respectively. Partners are
entitled to interest on capital @5% p.a. and salary to Bheem @ Rs. 3,000 p.m.
and a commission of Rs. 12,000 to Daniel as per the provisions of the
partnership deed.
Ahmed’s share of profits, excluding
interest on capital, is guaranteed at not less than Rs. 25,000 p.a. Bheem’s share of profit, including interest
on capital but excluding salary, is guaranteed at not less than Rs. 55,000
p.a. Any deficiency arising on that
account shall be met by Daniel. The
profits of the firm for the year ended 31st March, 2018 amounted to
Rs. 2,16,000. Prepare Profit and Loss
Appropriation Account and Capital Account of the partners.
19. P and Q are partners sharing profits and
losses in the ratio of 60:40. On 1st
April 2017, their capitals were: P – Rs. 5,00,000 and Q – Rs. 3,00,000. During the year ended 31st March
2018, they earned a net profit of Rs. 7,60,000.
The terms of partnership are:
a. Interest
on capital is to be charged @ 8% p.a.
b. P
will get commission @ 3% on turnover.
c. Q
will get salary a of Rs. 5,000 p.m.
d. Q
will get commission of 5% on profits after deduction of interest, salary and
commission(including his own commission)
e. P
is entitled to a rent of Rs. 20,000 p.m. for the use of his premises by the
firm.
Partner’s
drawings for the year were: P – Rs. 40,000 and Q – Rs. 30,000. Turnover for the year was Rs. 20,00,000. After considering the above factors, you are
required to prepare the Profit and Loss Appropriation Account.
20. Shankar
and Many are partners in a firm. On 1st
April, 2014, their fixed capital accounts showed a balance of Rs. 2,00,000 and Rs. 4,00,000
respectively. On this date, their
current account balances were Rs. 50,000 and Rs. 1,00,000 respectively.
On 1st January, 2015,
Shankar introduced additional capital of Rs. 2,00,000 while Manu gave loan of
Rs. 1,50,000 to the firm. The clauses of their partnership deed provided for:
a. Interest
on capital to be allowed at the rate of 10% p.a.
b. Interest
on drawings to be charged at the rate of 12% p.a.
c. Profits
to be shared by them in the ratio of 3:2
d. 10%
of the correct net profit to be transferred to General Reserve.
During the financial
year 2014-15, both partners withdrew Rs. 6,000 each at the beginning of every
quarter. The net profit of the firm,
before any interest, for the financial year 2014-15 was Rs. 5,00,000.
You are required to
prepare for the year 2014-15:
a. Profit
and Loss Appropriation Account.
b. Partners’
Fixed Capital Accounts.
c. Partners’
Current Accounts.
d. Partner’s
Loan Account.
No comments:
Post a Comment