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Practice test Q1)M and R are partners with capital 50000 and 60000 respectively.

On 1 jan 2008 M gives a loan of 10000 & R introduces Rs 20000 as additional capital. Profit for the year ending 31 march 2008 was Rs 15200. There in no deed. Both M & R expect interest @ 10% pa on the loan and additional capital advanced by them. Show how profits would be divided by them. [2] Q2)A & B are partners in a firm. The deed provides that interest on drawings was to be charged @12% pa. A had withdrawn the folowing amounts during the year ended 31.12.2009 Date Amount [2] Q3)A, B and C are partners. Their drawings were Rs 1000, Rs 2000 and Rs 3000 per month respectively. The firm charges interest on drawings @ 6% pa. Calculate interest on drawings. [2] Q4)X, Y & Z are partners in the ratio 2:2:1. Z was gurenteed a minimum profits of 20,000. The profits of the firm for the year ended 31.3.12 were Rs 80000. Prepare profit & loss appropiation a/c [2] Q5)A, B & C are partners in the ratio 2:3:5. A was guranteed a minmum profit of Rs 100,000. Any deficiency on this account was to be born by C. The net profit of the firm for the year ended 31.3.12was Rs 450000. Prepare profit & loss appropiation a/c. [2] Q6)A, B & C are partners in the ratio 5:4:1. C is given a gurantee that his share of profits in any given year would be Rs 5000. Deficiency if any would be born by A & B equally. The profits for the year 2011 were Rs 40,000. [2] Q7)A & B decided to appropiate the profits of the firm on the following terms (i)Interest is payable on capital 5% pa. (ii)Both A & B will be remunerated @ Rs 2000 & Rs 1000 per month respectively. (iii)Interest is payable on loan contributed by A @ 6% pa.(A contributed loan of Rs 20000 on 1.7.2010) (iv)Interest on drawings of partners is 2% at an average rate (Drawings of A & B during the year 2010-11 were Rs 6000 and Rs 4000 respectively. (v)PSR between A & B was 3:2. For the year ending 31.3.2011 the total Net profit was Rs 70000. On 1.4.2010 the capital balances of A & B were Rs 50,000 and Rs 40,000 respectively. Show journals, 1.1.2009 10000 Calculate 31.3.2009 16000 interest on 1.7.2009 20000 As 31.12.2009 4000 drawings.

Profit [8]

&

loss

appropiation

a/c,

capital

a/c

&

partners

loan

a/c.

Q7)T, P & G sharing profits 2:2:1 and through out the half year ended 31.12.2011 their capital a/cs have remained unchanged at Rs 60,000, Rs 40,000 and Rs 30,000 respectively. Their current account balances on 1.7.2011 were P 8550(Dr), G 6550(Dr) and T 12000(Cr). During 2011 T withdrew Rs 200 at staring of each month, G withdrew Rs 400 at end of each month while P withdrew 1800 during the period of 6 months. Their deed contains (a)Partners are allowed interest on capital @5% pa (b)Partners are allowed / charged interest on current account balances @ 4% pa. (c)Interest on drawings @ 6%pa (d)G is is to get a salary of Rs 500 pm. (e)T is entitled to a commission of 5% of the correct NP of the firm (f)P is entitled to a commission of 5% of the correct NP of the firm after charging such commission During the half year ended 2011 the NP of the firm was 207000 after charging Gs salary which has been debited to wages & salaries account. Your are required to prepare profit & losss appropiation a/c of the firm. [5]

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