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    Partnership Fundamnetal - 1

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    Harsh Shah
    This document contains a tutorial for a test on partnership fundamentals. It includes 4 questions related to partnership accounts. Question 1 has 4 cases involving the treatment of interest on capital accounts. Question 2 asks to prepare various partnership accounts for a year including profit and loss appropriation, capital, current, and loan accounts. Question 3 involves dividing profits between old and new partners. Question 4 asks to calculate partner capital balances and pass an adjustment entry for interest on capital.

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    Partnership Fundamnetal - 1

    Uploaded by

    Harsh Shah
    25 views2 pages
    This document contains a tutorial for a test on partnership fundamentals. It includes 4 questions related to partnership accounts. Question 1 has 4 cases involving the treatment of interest on capital accounts. Question 2 asks to prepare various partnership accounts for a year including profit and loss appropriation, capital, current, and loan accounts. Question 3 involves dividing profits between old and new partners. Question 4 asks to calculate partner capital balances and pass an adjustment entry for interest on capital.

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    Partnership Fundamnetal_1 [25]

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    This document contains a tutorial for a test on partnership fundamentals. It includes 4 questions related to partnership accounts. Question 1 has 4 cases involving the treatment of interest on capital accounts. Question 2 asks to prepare various partnership accounts for a year including profit and loss appropriation, capital, current, and loan accounts. Question 3 involves dividing profits between old and new partners. Question 4 asks to calculate partner capital balances and pass an adjustment entry for interest on capital.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    25 views2 pages

    Partnership Fundamnetal - 1

    Uploaded by

    Harsh Shah
    This document contains a tutorial for a test on partnership fundamentals. It includes 4 questions related to partnership accounts. Question 1 has 4 cases involving the treatment of interest on capital accounts. Question 2 asks to prepare various partnership accounts for a year including profit and loss appropriation, capital, current, and loan accounts. Question 3 involves dividing profits between old and new partners. Question 4 asks to calculate partner capital balances and pass an adjustment entry for interest on capital.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    EDUNIQUE TUTORIALS

    A Class for ISC/CBSE


    TEST: - PARTNERSHIP FUNDAMENTAL- 1

    MARKS: 25 TIMES:
    60 MINS

    Q1 A, B and C are partners. Their fixed capitals as on 31st March, 2018 were A ₹ 2,00,000,
    B ₹ 3,00,000 and C ₹ 4,00,000. Profits for the year ended 31st March, 2018 amounting to ₹
    1,80,000 were distributed. Give the necessary adjusting entry in each of the following
    alternative cases:

    Case (a) Interest on capital was credited @ 8% p.a. though there was no such provision in
    the partnership deed.

    Case (b) Interest on capital was not credited @ 8% p.a. though there was such provision in
    the partnership deed.

    Case (c) Interest on capital was credited @ 8% p.a. instead of 10% p.a.

    Case (d) Interest on capital was credited @ 10% p,a, instead of 8% p.a. [6]

    Q2 Shankar and Manu are partners in a firm On 1st April, 2014 their fixed capital accounts
    showed a balance of ₹ 2,00,000 and ₹ 4,00,000 respectively.

    On this date, their current account balances were ₹ 50,000 and ₹ 1,00,000 respectively.

    On 1st January, 2015, Shankar introduced additional capital of ₹ 2,00,000 while Manu gave
    a loan of ₹ 1,50,000 to the firm.

    The clauses of their partnership deed provided for:

    a. Interest on capital to be allowed at the rate of 10% per annum.


    b. Interest on drawings to pe charged at the rate of 12% per annum.
    c. Profits to be shared by them inthe ratio of 3 : 4.
    d. 19% of the correct net profit to be transferred to General Reserve.

    During the financial year 2014-15, both partners withdrew ₹ 6, 000 each at fhe beginning of
    every quarter.

    The net profit of the firm before any interest for the financial year 2014-15 was ₹ 50,000.

    Prof. Harsh Shah 9022039186


    Specialised in ISC/CBSE/HSC/IGCSE
    ACCOUNTS/ECONOMICS/COMMERCE Page 1
    EDUNIQUE TUTORIALS
    A Class for ISC/CBSE
    You are required to prepare for the year 2014-15:

    i. Profit and Loss Appropriation Account.


    ii. Partners' Fixed Capital Accounts.
    iii. Partners' Current Accounts.
    iv. Partner's Loan Account. [8]

    Q3 Ajoo and Bajoo were in partnership sharing profits and losses in the proportion of
    4/5TH and 1/5TH respectively. In appreciation of the services of their
    employee Sajoo who was in receipt of salary of ₹ 2,400 p.a. and a commission of 5% on the
    net profits after charging such salary and commission, they took him into partnership as from
    1-4-2016 giving him 1/8TH share of profit.

    The agreement provided that any excess over his former remuneration to which Sajoo
    becomes entitled will be paid out of Ajoo's share of profits.

    The profits for the year ended 31st March; 2017 amounted to ₹ 57,000. Divide this between
    the partners. [6]

    Q4 E, F and G were partners in a firm sharing profits in the ratio of 3 : 2 : 1. After division
    of the profits. for the year ended 31-3-2016 their capitals were: E ₹ 2,95,000; F ₹ 3,30,000;
    and G ₹ 3,35,000. ·During the year-they withdrew ₹ 40,000 each. The profit of the year was
    ₹ 1,80,000. The partnership deed provided that interest on capital will be allowed @ 12%
    p.a. While preparing the final accounts, interest on partner's capital was not allowed.

    You are required to calculate the capital of E, F and G on 1-4-2015 and pass the necessary
    adjustment entry for providing interest on capital Show your workings clearly. [5]

    Prof. Harsh Shah 9022039186


    Specialised in ISC/CBSE/HSC/IGCSE
    ACCOUNTS/ECONOMICS/COMMERCE Page 2

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