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Questions For Home Work Get It Checked On Monday

The document contains multiple questions related to partnership accounting, each requiring journal entries and profit and loss appropriation accounts for different partnerships. Each question specifies the partners' capital contributions, profit-sharing ratios, interest on capital, salaries, commissions, and net profits before adjustments. The questions are structured to guide the preparation of financial statements for various partnership scenarios.

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Sayam sachdeva
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16 views3 pages

Questions For Home Work Get It Checked On Monday

The document contains multiple questions related to partnership accounting, each requiring journal entries and profit and loss appropriation accounts for different partnerships. Each question specifies the partners' capital contributions, profit-sharing ratios, interest on capital, salaries, commissions, and net profits before adjustments. The questions are structured to guide the preparation of financial statements for various partnership scenarios.

Uploaded by

Sayam sachdeva
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Question No 1 A and B are partners in a firm sharing profits and losses in the

ratio of 4:1. On 1st April 2018, their capitals were ₹20,000 and ₹10,000
respectively. The partnership deed specifies the following:
(a) Interest on capital is to be allowed at 5% per annum.
(b) Interest on drawings charged to A and B are ₹200 and ₹300 respectively.
(c) The net profit of the firm before considering interest on capital and interest
on drawings amounted to ₹18,000.
Give necessary journal entries and prepare Profit and loss appropriation account
for the year ending 31st March 2019.

Question No 2 Anand and Narayanan are partners in a firm sharing profits and
losses in the ratio of 5:3. On 1st April 2018, their capitals were ₹ 50,000 and ₹
30,000 respectively. The partnership deed specifies the following:
(a) Interest on capital is to be allowed at 6% per annum.
(b) Interest on drawings charged to Anand and Narayanan are ₹ 1,000 and ₹ 800
respectively.
(c) The net profit of the firm before considering interest on capital and interest
on drawings amounted to ₹ 35,000. Give necessary journal entries and prepare
profit and loss appropriation account as on 31st March 2019.
Question No 3 Dinesh and Sugumar entered into a partnership agreement on 1st
April 2018, Dinesh contributing ₹1,50,000 and Sugumar ₹1,20,000 as capital. The
agreement provided that:

(a) Profits and losses to be shared in the ratio 2:1 as between Dinesh and
Sugumar. (b) Partners to be entitled to interest on capital @ 4% p.a.
(c) Interest on drawings to be charged Dinesh: ₹3,600 and Sugumar: ₹2,200
(d) Dinesh to receive a salary of ₹60,000 for the year, and
(e) Sugumar to receive a commission of ₹ 80,000 During the year ended on 31st
March 2019, the firm made a profit of ₹2,20,000 before adjustment of interest,
salary and commission. Prepare the Profit and loss appropriation account.
Question No 4 Aand B entered into a partnership agreement on 1st April 2018,
A contributing ` ₹25,000 and B ₹30,000 as capital. The agreement provided
that:
(a) Profits and losses to be shared in the ratio 2:3 as between A and B.
(b) Partners to be entitled to interest on capital @ 5% p.a.
(c) Interest on drawings to be charged A: ₹300 B : ₹450
(d) A to receive a salary of ₹5,000 for the year, and
(e) B to receive a commission of ₹ 2,000 During the year, the firm made a profit of
₹20,000 before adjustment of interest, salary and commission.
Prepare the Profit and loss appropriation account and Partners capital account
Question no 5 A, B and C are partners in a firm. Their capital balances as on
1.4.16 were ₹50,000, ₹60,000 and ₹70,000 respectively. Prepare Profit and Loss
Appropriation Account for the year ended 31.3.17 after considering the
following information:
(i) Interest on Capital @ 5% p.a.
(ii) C is entitled to get salary ₹1,500 p.m.
(iii) Net profit before charging above ₹51,000
(iv) Partners will share profit or loss equally.

Question no 6 A, B and C are partners in a firm. Their capital balances as on


1.1.16 were ₹50,000, ₹40,000 and ₹30,000 respectively. Prepare Profit and Loss
Appropriation Account for the year ended 31.12.16 after considering the
following information:
(i) Interest on Capital @ 10% p.a.
(ii) A will get a monthly salary of ₹800
(iii) Net profit before considering the above is ₹50,000
(iv) 10% of profit should be transferred to general reserve
(iv) The ratio of sharing profit and loss by A, B and C is 4:3:2.
Question No 7 Mohit, Rachit, and Shubh started a partnership business on 1st
April, 2019. Their capital contributions were ₹4,00,000 , ₹3,00,000 and
₹2,00,000 respectively. The partnership deed provided:

(i) Interest allowed on capitals @ 10% p.a.


(ii) Mohit, get a salary of ₹5,000 p.m. and Rachit ₹3,000 p.m.
(iii) Profits are to be shared in the ratio of 5:3:2.
(iv) Their Drawings are ₹50,000, ₹40,000 and ₹30,000 respectively
(v) Interest charged on Drawings @ 5 % p.a.
(vi) Shubh get a commission₹24,000.
(vii) The profits for the year ended 31st March, 2020 before making above
appropriations were ₹ 3,97,000. Prepare Profit and Loss
Appropriation Account and Partners Capital account

Question no 8 Richard and Rizwan started a business on 1st April 2018 with
capitals of ₹ 3,00,000 and ₹ 2,00,000 respectively. According to the
Partnership Deed
(viii) (a) Interest on capital is to be provided @ 6% p.a.
(ix) (b) Rizwan is to get salary of ₹ 50,000 per annum.
(x) (c) Richard is to get 10% commission on profit (after interest on
capital and salary to Rizwan) after charging such commission.
(xi) (d) Profit-sharing ratio between the two partners is 3:2. During the
year, the firm earned a profit of
(xii) ₹ 3,00,000. Prepare profit and loss appropriation account. The firm
closes its accounts on 31st March every year.

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