Sample Paper – 2012
Class – XII
Subject – Accountancy

1. Amit and Vijay started a partnership business on 1st April, 2010. Their capital contributions were 2,00,000 and 1,50,000 respectively. The partnership deed provided inter alia that:

(a) Interest on capital @ 10% p.a.

(b) Amit to get a salary of 2,000 per month and Vijay 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 2,16,000. Interest on drawings amounted to 2,200 for Amit and 2,500 for Vijay.

2. A, B and C were partners in a firm having capitals of 50,000; 50,000 and 1,00,000 respectively. Their current account balances were A: 10,000 B: 5,000 and C: 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 12,000 p.a. The profits were to be shared as:

(a) The first 20,000 in the proportion to their capitals.

(b) Next 30,000 in the ratio of 5:3:2.

(c) Remaining profits to be shared equally.

The firm made a profit of 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.