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CBSE CLASS XII
Accounting for Partnership Firm- Fundamental
Q. 8. A and B are partners with capitals of Rs.60,000 and Rs.20,000 respectively on 1st April, 2007. The trading profit (before taking into account the provisions of the Deed) for the year ended 31st March, 2008 was Rs.24,000. Interest on capitals is to be allowed at 6% p.a. B is entitled to a salary of Rs.6,000 per annum. The drawings of the partners were Rs.6,000 and Rs.4,000; the interest for A being Rs.200 and for B Rs.100. Show how the Profit will be divided between A and B and also show the Capital Accounts (i) if they are fluctuating and (ii) if they are fixed.
Q. 9. A,B and C are partners with capitals of Rs.40,000, Rs.30,000 and Rs.20,000 respectively. B and C are entitled to annual salaries of Rs.2,000 and Rs.3,000 respectively payable before division of profits. Interest on capital is allowed at 5% p.a., but interest is not charged on drawings. Of the first Rs.12,000 divisible as profits in any year, A is entitled to 50%, B to 30% and C to 20%. Annual profits in excess of Rs.12,000 are divisible equally. The profit for the year ended 31st March, 2008 was Rs.20,100 after debiting partner’s salaries but before charging interest on capital. The partner’s drawings for the year were—A Rs.8,000; B Rs.7,500 and C Rs.4,000. The balance on the partner’s current accounts on 1st April, 2007 were – A Rs.3,000(credit); B Rs. 5,00(credit); C Rs.1,000(Debit).
Prepare the Profit and Loss Appropriation Account and the Partner’s Current Accounts for the year ended 31st March, 2008.
Q. 10. From the following Trial Balance of Delhi Club, prepare an Income and Expenditure Account for the Year ended on 31st march,2008 and a balance sheet as on the date:
| Heads of Account | Dr. (Rs.) | Cr. (Rs.) |
| Cash in Hand................................................................................................... | 40,000 | ... |
| Cash at Bank................................................................................................... | 60,000 | ... |
| Sundry Debtors................................................................................................ | 1,20,000 | ... |
| Sundry Creditors.............................................................................................. | ... | 1,00,000 |
| General Fund................................................................................................... | ... | 4,50,000 |
| Furniture........................................................................................................... | 2,50,000 | |
| Club House...................................................................................................... | 4,00,000 | |
| Rent................................................................................................................. | 40,000 | |
| Taxes and Insurance..................................................................................... | 50,000 | |
| Secretary Honorarium...................................................................................... | 20,000 | |
| Annual Subscription......................................................................................... | ... | 6,50,000 |
| Repair and paint to Club House....................................................................... | 30,000 | ... |
| Extension of Club House................................................................................. | 1,00,000 | ... |
| Wages.............................................................................................................. | 1,20,000 | ... |
| Printing and Stationery.................................................................................... | 20,000 | ... |
| Law charges.................................................................................................... | 10,000 | ... |
| Subscriptions Received in Advance for 2008-09............................................ | 60,000 | |
| Total | 12,60,000 | 12,60,000 |
Additional Information:
- Subscriptions for 2007-08 outstanding Rs.25,000.
- Write off depreciation @ 10% p.a. on furniture.
- Write off depreciation @ 2% p.a. on Club House including extension.
Paper By Mr. Rahul Kadd
Email Id : [email protected]
Phone No. : 9212197510
Oscar Academy- BN - 4 (East),
Shalimar Bagh, Delhi-88
