CBSE - NEW DELHI
Guess Paper – 2012
Class – XII
Subject – Accountancy
Accounting for Partnership Firms –
Question 1. Amit and Vijay started a
partnership business on 1st April, 2010. Their capital contributions were
Rs.2,00,000 and Rs.1,50,000 respectively. The partnership deed provided inter
(a) Interest on capital @ 10% p.a.
(b) Amit to get a salary of Rs.2,000 per month and Vijay Rs.3,000 per month.
(c) Profits are to be shared in the ratio of 3:2.
The profits for the year ended 31st March, 2011 before making above
appropriations were Rs.2,16,000. Interest on drawings amounted to Rs.2,200 for
Amit and Rs.2,500 for Vijay.
Prepare Profit and Loss Appropriation A/c.
[Ans. Divisible profit Rs.1,25,700]
Question 2. A, B and C were partners in a
firm having capitals of Rs.50,000; Rs.50,000 and Rs.1,00,000 respectively. Their
current account balances were A: Rs.10,000 B: Rs.5,000 and C: Rs.2,000 (Dr.).
According to the partnership deed the partners were entitled to an interest on
capital @ 10% p.a. C being the working partner was also entitled to a salary of
Rs.12,000 p.a. The profits were to be shared as:
(a) The first Rs.20,000 in the proportion to their capitals.
(b) Next Rs.30,000 in the ratio of 5:3:2.
(c) Remaining profits to be shared equally.
The firm made a profit of Rs.1,72,000 before charging any of the above items.
Prepare the profits and loss appropriation account and pass the necessary
Journal entry for the appropriation of profits.
[ Ans.; Share in divisible profit A: Rs.50,000 B: Rs.44,000 and C:Rs.
Question 3. X and Y are partners sharing
profits in proportion of 3:2 with capitals of Rs.80,000 and Rs.60,000
respectively. Interest on capital is agreed @ 5% p.a. Y is to be allowed an
annual salary of Rs.6,000 which has not been withdrawn. During 2009-2010 the
profits for the year prior to calculation of interest on capital but after
charging Y’s Salary amounted to Rs.24,000. A provision of 5% of the profit is to
be made in respect of commission to the manager. Prepare an account showing the
allocation of profits.
Note: Manager Commission is a charge against the profit. Hence, it must be
provided before making any appropriation (such as salary, interest on capital).
[Ans. Share in D.P.; X: Rs.9,300 and Y Rs.6,200]
Question 4. A and B formed a partnership
on 1st April, 2009. They agreed that out of profits:
(a) A should receive a salary of Rs.500 per month.
(b) Interest on capital should be allowed @ 6% p.a. and
(c) Remaining profits be divided equally.
A contributed a capital or Rs.50,000 on 1st April, 2009 but B brought in his
capital of Rs.1,00,000 on 1st July 2009. During the year, the drawings were A
Rs.15,000 and B Rs.20,000. Profits for the year ended 31st March, 2010 before
the above noted salary and interest were Rs.50,000. Prepare the profit and loss
appropriation account and the capital accounts of the partners.
[Ans.: Capital A/c; A Rs.62,250; B Rs.1,02,750]
Question 5. Mohan, Vijay and Anil are
partners, the balance of their capital accounts being Rs.30,000; Rs.25,000 and
Rs.20,000 respectively. In arriving at these figures, the profits for the year
ended 31st March, 2010, Rs.24,000 had already been credited to partners in the
proportion in which they shared profits. Their drawings were Rs.5,000; Rs.4,000
and Rs.3,000 respectively during the year. Subsequently, the following omissions
were noticed and it was decided to bring them into account:
(a) Interest on capital @ 10% p.a.
(b) Interest on drawings: Mohan Rs.250, Vijay Rs.200 and Anil Rs.150.
Make the necessary corrections through a journal entry and show your workings
[Ans.: Dr. Anil by Rs.550 and credit Mohan by Rs.550]
Question 6. Ram, Mohan and Sohan sharing
profits and losses equally have capitals Rs.1,20,000; Rs.90,000 and Rs.60,000.
For the year 2009, interest was credited to them @ 6% instead of 5%. Give the
adjusting journal entry.
[Ans.: Debit Ram and Credit Sohan by Rs.300]
Question 7. Ram, Shyam and Mohan were
partners in a firm sharing profits and losses in the ratio of 2:1:2. Their
capitals were fixed at Rs.3,00,000; Rs.1,00,000 and Rs.2,00,000 respectively.
For the year 2009, interest on capital was credited to them @ 9% instead of 10%
p.a. The profits for the year before charging interest was Rs.2,50,000. Show
your working notes clearly and pass the necessary adjustment entry.
[Ans.: Dr. Shyam’s Current A/c by Rs.200; Mohan A/c Rs.400 and Cr. Sohan’s
current A/c Rs.600]