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12th Accountancy Weekly Test -2 ( Accounts of partnership firms–fundamentals )

St. Britto Hr. Sec. School - Madurai

12th Accountancy Weekly Test -2 ( Accounts of partnership firms–fundamentals )-Aug 2020

Time : 1.30 Hours

Part - A

Generic 2 - Answer All Question

From the following information, prepare capital accounts of partners Mannan and Sevagan,
when their capitals are fluctuating.

Particulars Mannan Rs. Sevagan Rs.

Capital on 1^stJanuary 2018 (Cr balance) 2,00,000 1,75,000

Drawings during 2018 40,000 35,000

Interest on drawings 1,000 500

Share of profit for 2018 21,000 16,500

Interest on capital 12,000 10,500

Salary 18,000 Nil

Commission Nil 2,500

From the following information, prepare capital accounts of partners Shanthi and Sumathi, when their capitals are fixed.

Particulars Shanthi
Rs.
Sumathi

Rs.

Capital on 1st January 2 1,00,000 80,000

Current account on 1st January 2018 (Cr.) 5,000 3,000

Additional capital introduced on 1^st June 2018 10,000 20,000

Drawings during 2018 20,000 13,000

Interest on drawings 500 300

Share of profit for 20 10,000 8,000

Interest on capital 6,300 5,400

Salary 9,000 Nil

Commission Nil 1,200

The capital account of Arivazhagan and Srinivasan on 1st January 2017 showed a balance of
Rs.15,000 and Rs.10,000 respectively. On 1st July 2017, Arivazhagan introduced an additional capital of Rs.5,000 and on 1st September 2017 Srinivasan introduced an additional capital of Rs.10,000. Calculate interest on capital at 6% p.a. for the year ending 31st December 2017.

What is a partnership deed?

Antony and Akbar were partners who share profits and losses in the ratio of 3:2. Balance in their capital account on 1st January 2018 was Antony Rs.60,000 and Akbar Rs.40,000. On 1st April 2018 Antony introduced additional capital of ` 10,000. Akbar introduced additional capital of Rs.5,000 during the year. Calculate interest on capital at 6% p.a. for the year ending 31st December 2018.

Mannan and Ramesh share profits and losses in the ratio of 3:1. The capital on 1st April 2017 was Rs.80,000 for Mannan and Rs.60,000 for Ramesh and their current accounts show a credit balance of Rs.10,000 and Rs.5,000 respectively. Calculate interest on capital at 5% p.a. for the year ending 31st March 2018 and show the journal entries.

Bragathish and Naresh are partners who maintain their capital accounts under fixed capital method. From the following particulars, prepare capital accounts of partners.

Particulars Bragathish
Rs.
Naresh
Rs.

Capital on 1st April 2018 4,00,000 6,00,000

Current account on 1^st April 2018 20,000(Cr.) 15,000(Dr.)

Additional capital introduced during the 50,000 Nil

Drawings made during the year 45,000 60,000

Interest on drawings 2,000 3,000

Share of profit for the year 80,000 1,20,000

Interest on capital 20,000 30,000

Commission 17,000 Nil

Salary Nil 38,000

What is the journal entry to be passed for providing interest on capital to a partner?

Define partnership.

What is meant by fixed capital method?

Part - B

Generic 5 - Answer All Question

From the following information, prepare capital accounts of partners Padmini and Padma, when their capitals are fluctuating.

Particulars Padmini
Rs. Padma
Rs.

Capital on 1st January 2018 (Cr. balance) 5,00,000 4,00,000

Drawings during 2018 70,000 40,000

Interest on drawings 2,000 1,000

Share of profit for 2018 52,000 40,000

Interest on capital 30,000 24,000

Salary 45,000 Nil

Commission Nil 21,000

Vennila and Eswari are partners. Vennila draws Rs.5,000 at the beginning of each half year. Interest on drawings is chargeable at 4% p.a. Calculate interest on drawings for the year ending 31st December 2018 using average period.

Prakash and Supria were partners who share profits and losses in the ratio of 5:3. Balance in their capital account on 1st April, 2018 was Prakash Rs.3,00,000 and Supria Rs.2,00,000. On 1st July, 2018 Prakash introduced additional capital of Rs.60,000. Supria introduced additional capital of Rs.30,000 during the year. Calculate interest on capital at 6% p.a. for the year ending 31st March, 2019 and show the journal entries.

Santhosh is a partner in a partnership firm. As per the partnership deed, interest on drawings is charged at 6% per annum. During the year ended 31st December, 2018 he withdrew as follows:

Date Rs.

February 1 2,000

May 1 10,000

July 1 4,000

October 1 6,000

Calculate the amount of interest on drawings by using product method.

Durai and Velan entered into a partnership agreement on 1st April 2018, Durai contributing Rs.25,000 and Velan ` 30,000 as capital. The agreement provided that:
(a) Profits and losses to be shared in the ratio 2:3 as between Durai and Velan.
(b) Partners to be entitled to interest on capital @ 5% p.a.
(c) Interest on drawings to be charged Durai: Rs.300 Velan: Rs.450
(d) Durai to receive a salary of Rs.5,000 for the year, and
(e) Velan to receive a commission of Rs.2,000
During the year, the firm made a profit of Rs.20,000 before adjustment of interest, salary and commission. Prepare the Profit and loss appropriation account.

Mathew is a partner who withdrew Rs.20,000 during the year 2018. Interest on drawings is charged at 10% per annum. Calculate interest on drawings on 31st December 2018.

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