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12th Accountancy Weekly Test -3 ( Accounts of partnership firms–fundamentals )

St. Britto Hr. Sec. School - Madurai

12th Accountancy Weekly Test -3 ( Accounts of partnership firms–fundamentals )-Aug 2020

Time : 1.00 Hours

Part - A

Multiple Choice Question - Answer All Question

Pick the odd one out

Partners share profits and losses equally
Interest on partners’ capital is allowed at 7% per annum
No salary or remuneration is allowed
Interest on loan from partners is allowed at 6% per annum

In the absence of an agreement, partners are entitled to

Salary
Commission
Interest on loan
Interest on capital

Profit after interest on drawings, interest on capital and remuneration is Rs.10,500. Geetha, a partner, is entitled to receive commission @ 5% on profits after charging such commission. Find out commission.

Rs.50
Rs.150
Rs.550
Rs.500

Which of the following is the incorrect pair?

Interest on drawings – Debited to capital accouunt
Interest on capital - Credited to capital account
Interest on loan - Debited to capital account
Share of profit - Credited to capital account

As per the Indian Partnership Act, 1932, the rate of interest allowed on loans advanced by partners is

8% per annum
12% per annum
5% per annum
6% per annum

In the absence of a partnership deed, profits of the firm will be shared by the partners in

Equal ratio
Capital ratio
Both (a) and (b)
None of these

In the absence of an agreement among the partners, interest on capital is

Not allowed
Allowed at bank rate
Allowed @ 5% per annum
Allowed @ 6% per annum

Which of the following is shown in Profit and loss appropriation account?

Office expenses
Salary of staff
Partners’ salary
Interest on bank loan

When fixed capital method is adopted by a partnership firm, which of the following items will appear in capital account?

Additional capital introduced
Interest on capital
Interest on drawings
Share of profit

When a partner withdraws regularly a fixed sum of money at the middle of every month, period for which interest is to be calculated on the drawings on an average is

5.5 months
6 months
12 months
6.5 months

Part - B

Generic 2 - Answer All Question

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.

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?

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

What is meant by fixed capital method?

Part - C

Generic 3 - Answer All Question

State any six contents of a partnership deed.

Arun is a partner in a partnership firm. As per the partnership deed, interest on drawings is charged at 12% p.a. During the year ended 31st December 2018 he drew as follows:

Date Rs.

March 1 6,000

June 1 4,000

September 1 5,000

December 1 2,000

Calculate the amount of interest on drawings.

Velan is a partner who withdrew Rs.20,000 on 1st April 2018. Interest on drawings is charged at 10% per annum. Calculate interest on drawings on 31st December 2018 and pass journal entries by assuming fluctuating capital method.

Arul is a partner in a partnership firm. As per the partnership deed, interest on drawings is charged at 12% p.a. During the year ended 31st December 2018 he drew as follows:

Date Rs.

March 1 3,000

June 1 3,000

September 1 3,000

December 1 3,000

Calculate the amount of interest on drawings.

Write a brief note on the applications of the provisions of the Indian Partnership Act, 1932 in the absence of partnership deed.

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