MEHUL SIR’S

MO: 98 245 98 542 GROUP OF EDUCATION

STD: 12 MARKS: 45
SUBJECT: ACCOUNTANCY - PARTNERSHIP ACCOUNTS
DURATION: 90 MINUTES
SECTION: A Choose the correct option from the given. [Each 1 marks] [5]
(1) What is interest on loan of partner for partner?
(a) Expenses (b) Income (c) Assets (d) Receivable
(2) What is interest on debit balance of current account of partner for firm?
(a) Receivable (b) Reserve (c) Assets (d) Liabilities
(3) The capital to be brought in by the partners in the firm is determined by
______________.
(a) Partnership Agreement (b) Partnership Deed
(c) a & b both (d) none of this
(4) In which year partnership act arise?
(a) 1947 (b) 1923 (c) 1932 (d) 1954
(5) If the current account has a credit balance it is shown on which side?
(a) Debit side of P & L appropriation account (b) assets
(c) Credit side of P & L appropriation account (d) Liabilities
SECTION: B Answer the following question. [Each 1 marks] [10]
(6)Write the name of method to keep Capital Account in Partnership.
(7) How many partners are there in Non Banking Partnership?
(6) Write journal of closing of Drawings account at the end of the year?
(9) Write the main object for preparation of Partnership Deed.
(10)Write the definition of partnership according to partnership law.
(11)When partner’s capital accounts & current accounts are separately
maintained, than interests on partner’s drawings are debited to which account?
(12) It is desirable that an agreement between the partners should be in writing.
True OR False. Explain.
(13)Amul & Sumul share profit & loss in the ratio of 3:2. If the profit of the firm at
the end of the year is Rs.50000 than what will be the share of each partner?
(14) If in partnership firm partner A withdraw same amount at the starting of the
month from 1st May His total withdrawal is Rs.8000 & firm obey the calendar year
than what will be the interest on drawings?
(15)Is a partner entitled to salary as per partnership deed, even if the firm has
suffered a loss?

SECTION: C Answer the following question. [ EACH 3 MARKS] [30]

(16) Palak, Mehul & Kiran are partners sharing profits and losses in the ratio of
3:2:1. Their capitals in 31st march, 2015, were Rs.80, 000, Rs. 60,000 & Rs.
50,000 after distributing profit. It was found after preparing accounts that interest
MEHUL SIR’S GROUP OF EDUCATION MOBILE: 98 245 98 542
on capital at 5% was omitted. The profit for the year was Rs.50, 000 and Partner’s
drawings were Rs.5, 000, Rs.10, 000 & RS. 5,000 respectively.
(17)DEvarsh, Vedanshi, & Raxa are partner sharing profits and losses in the ratio
of 5:3:2. After preparing accounts at the close of the year, it was found that
interest n drawings as given below have been omitted.
Devarsh Rs, 5000 Vedanshi Rs. 4000 Raxa Rs. 3000
Give the adjustment entry.
(18)Mohit & Suraj are partners of one firm. Ratio of their capital is 5:4. Mohit gets
Rs. 3,000 as monthly salary and commission after deducting commission from net
profit at 6%. If the firm gets profit of Rs. 1, 42,000 at the end of the year than what
is received by Mohit.
(19) Pankaj, Hardik, Akshit are partner sharing profit & loss equally. Their total
capital is Rs. 4, 00,000. The ratio of their capitals is 2:3:5. Firm allows interest at
6% p.a. on capitals. Pankaj has received Rs. 1, 24,800 including the interest on
capital, what will be the amount received by partner Akshit including interest on
capital.
(20) Mankad & Machchhar is partners in a firm. Mankad withdraw Rs.4000 from
the firm on the first day of every month. While Machchhar withdraw Rs. 4000 on
the last day of every month. Find the difference in the interest at 12 % on the
drawings of both.
(21)Prayag, Jaishil & Viraj are partners in a partnership firm. They share profit and
loss in the ratio of 3:2:1. Their capital is Rs. 10,000, Rs. 20,000 and Rs. 30,000
respectively. They receive 10% interest on their capital. Partners received from
profit including interest, total Rs. 4,000. Find out total profit of the firm.
(22)Vijay, Dhvani and Mehul are partners sharing Profit – loss in the ratio of 2:2:1.
Mehul is to be paid a commission of 10% on the remaining profit after charging
such commission. Total Profit of the firm was Rs. 44000. Find out what total
income will be received by mehul?
(23)Write short note on Partnership Deed.
(24) Write difference between Profit & Loss Account – Profit & loss appropriation
Account.
(25)Atpatia, Khatpatia and Zatpatia share profit and losses in the ratio of 3:2:1.
Khatpatia gets commission at 5% on profit after deducting the commission. If
Khatpatia gets Rs.8000 as commission, find out the profit of firm before charging
commission and also find out the share of Zatpatia in profit.