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Thursday, September 26, 2019

CBSE - Class 12 - Accountancy - partnership



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.

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