Q:1 Interest
on drawings to be charged from partners-
A- Rs 1,000; B Rs 2,000; C Rs 3,000.
Interest on drawings was ignored while preparing accounts.
Pass an adjusting journal entry to rectify.
Q:2 Dates Capital introduced Capital withdrawn
X Y X Y
1-1-2014 1,00,000 2,00,000
1-3-2014 20,000 - - 30,000
1-7-2014 20,000 1,00,000 -
1-10-2014 10,000 10,000
Calculate
interest on capital @10% p.a.
Q:3 Drawings
of A Rs 20,000 as on 1-7-2014. Accounting year ends on 31-12-2014.
Interest on
drawings for the year is at the rate 7%. Calculate interest on drawings.
Q:4 Balance Sheet-
Extract 31-12-2014
Liabilities Rs Assets Rs
Capital
A 10,00,000 Drawings A 20,000
B
8,00,000 B 40,000
P&L
Appropriation 1,00,000
Additional
capital introduced by A on 1-7-2014 was Rs 50,000 and capital withdrawn by B on
1-7-2014 was Rs 1,00,000. Profit during the year was Rs 1,50,000. Drawings made
by B Rs 50,000.
Calculate
interest on capital @ 10% p.a.
Q:5 Extract
of Balance Sheet
Liabilities Rs Assets Rs
Capitals
P& L( Dr bal)
50,000
A 2,00,000
B 4,00,000
Loss during
the year was Rs 1,20,000.
Calculate
interest on capital @ 10% p.a.
Profit
sharing ratio between the partners was 3:2.
Q:6 Capitals
A 2,00,000 Advt suspense 20,000
B 1,00,000
Loss during
the year Rs 50,000.
Calculate
interest on capital @10% p.a
Q:7 Loss
during the year Rs 30,000. Interest on loan to the partners A-1,500 & B
-2,000.
In which
account P& L or P& L Appropriation will distribution of loss be shown?
Q:8 Rent
payable to a partner is a charge against profit or an appropriation of profit?
Why?
Q:9 A and B
share profits and losses in the ratio of 2:1 and as from 1-4-2014, they admit C
who is to have 1/10th share of the profit with a guaranteed minimum
of Rs 16,000. A and B continue to share profits as before. The profit for the
year ended 31-3-2015 was Rs 1,00,000. Ignoring the above terms, the profit was
divided equally between the partners. Give an adjustment entry to rectify.
Q:10 A and b
were in partnership sharing profits and losses in the ratio of 3:2. In
appreciation of services of C who was in receipt of a salary of Rs 24,000 p.a
and a commission of 5% of net profit after charging such salary and commission,
they took him into partnership on 1-4 2014 giving him 1/8th share
profits. Any excess over his former remuneration to which C becomes entitled
will be borne by A and B in the ratio of 2:3.
Ignoring the
above terms the profit of the year Rs 4,44,000 was divided between the partners
equally. . Give an adjustment entry to rectify.
Q:11 X, Y
and Z entered into partnership on 1-7-2014 to share profits and losses in the
ratio of 3:2:1. X personally guaranteed that Z’s share of profits after
charging interest on capital @6 % p.a would not be less than Rs 36,000 p.a. The
capital contributed by X Rs 2,00,000; Y Rs 1,00,000. Profit for the year ended
on 31-3-2015 was 1,38,000. Prepare P & L Appropriation Account.
Q:12 A, B
and C are partners having capitals of Rs 10,00,000; Rs 8,00,000 and Rs
6,00,000 respectively and sharing
profits and losses equally. C is guaranteed a minimum profit of Rs 1,00,000 as
share of profit every year. The firm incurred a loss of Rs 3,00,000 for the
year ended 31-3-2015.
Show
necessary accounts.
Q:13 The
capitals of partners A, B and C at the end of the year were Rs 1,00,000;
2,00,000 and 3,00,000 respectively after considering the following-
i)
Profits
for the year was 60,000.
ii)
Drawings
during the year were Rs 1,000; 2,000 and 3,000 respectively by A, B and C.
iii)
Salary
to the partners A, B and C Rs 2,000; 4,000 and 6,000.
Interest on capital @ 2%
p.a was provided to them ignored while calculating closing capital and also was
not provided to the partners.
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