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CBSE CLASS XII

Q. 11. In a partnership, partners are charged interest on drawings at 15% p.a. During the year ended 31st December, 2008 a partner drew as follows:

What is interest chargeable to the partner?

Q. 12. X, Y and Z are in Partnership with capital of Rs.1,20,000(credit), 1,00,000 (credit) and Rs.8,000(debit) respectively on 1st April,2006. Their partnership deed provides for the following: Partners are to be only allowed interest on capital @ 5% p.a. and are to be charged interest on drawings @ 6%p.a.

X is entitled to a remuneration of 10% of the net profit for securing contacts from customers.
Y is also entitled to commission of 10% of the net profit after charging clause(ii) above.
Z is entitled to a rent of Rs.200 at the beginning of every month and Z Rs.400 at the end of every month.

The net profit of the firm for the year ended 31st March, 2007 before providing for any of the above clauses was Rs.1,11,000.

From the above statements, you are required to draft only the Profit and Loss Appropriation account for the year ended 31st March,2007. (All calculations are to be the nearest to the rupee.)

Q. 13. A, B, C and D are partners. Their capital accounts on 1st April, 2007: A Rs.3,000; B Rs.5,000; C Rs.8,000 and D Rs.10,000. After the accounts for the year ended March 31,2008 have been prepared, it is discovered that interest at 5 % p.a. as provided for in the partnership agreement has not been credited to the Partner’s Capital Accounts before distributing profits. Instead of altering the signed Balance Sheet it is decided to make an adjustment entry at the beginning of the next year. Give the necessary Journal Entry.

Q. 14. On March 31,2005 capital accounts of E, M and A after making adjustments for profits, drawings, etc. were as E—Rs.8,00,000, M—Rs.6,00,000, and A—Rs.4,00,000. Subsequently, it was discovered that interest on capital and interest on drawings had been omitted. The partners were entitled to interest on capital @ 5% p.a. The drawings during the year were—Rs.2,00,000, M—Rs.1,50,000, and A—Rs.90,000. Interest on drawings chargeable to the partners was: E—Rs.5,000, M—Rs.3,600 and A—Rs.2,000. The net profit during the year amounted to Rs.12,00,000. The profit sharing ratio of the partners was 3:2:1.
Record the necessary adjustment entry(s) for rectifying the above errors of omission. Show your workings.

Q. 15. A, B and C are partners in a firm sharing profits and losses in the ratio of 2:2:1. Their capitals (fixed) are Rs.1,00,000, Rs.80,000 and Rs.70,000 respectively. For the year 2005, interest on capital was credited to them @9% p.a. instead of 12%. Give adjusting Journal entry.

Q. 16. A, B, C, and D are partners sharing profits and losses in the ratio of 4:3:2:1. Their capitals as on April 31,2005 were Rs.3,00,000; Rs.2,50,000; Rs.1,50,000 and Rs.1,00,000 respectively. __’s share of profits excluding interest on capital has been guaranteed by the firm to be not less than Rs.2,50,000. C’s share of profits including interest on capital and salary guaranteed by A is not less than Rs.2,60,000. The profits for the year ended March 31,2006 were Rs.9,00,000 before interest on capital @ 10% and salary to C @ Rs.10,000 per month. Prepare the Profit and Loss Appropriation Account and distribute the profits.

Paper By Mr. Rahul Kadd
Email Id : [email protected]
Phone No. : 9212197510
Oscar Academy- BN - 4 (East),
Shalimar Bagh, Delhi-88