CA SHUBHAM SETHI-ACCOUNTS & BST EXPERT

PROF. SHEENA GUPTA-ECONOMICS & ENGLISH EXPERT

8588953495
CLASS-12TH ACCOUNTS

PARTNERSHIP FIRM-FUNDAMENTALS-3

Q-1 Calculate the interest on drawings of Mr. Arun @ 10% p.a. for the
year ended 31st March, 2017 in each of the following alternative cases :
Case (a) If he withdrew Rs.5,000 p.m. in the beginning of every month;
Case (b) If he withdrew Rs.5,000 p.m. at the end of every month;
Case (c) If he withdrew Rs.5,000 p.m. during the year;
Case (d) If he withdrew Rs.60,000 during the year;
Case (e) If he withdrew as follows :
Rs.
1st June, 2016 20,000
31st August, 2016 10,000
31st Oct, 2016 18,000
1st Feb., 2017 12,000
Case (f) If he withdrew Rs. 15,000 in the beginning of each quarter;
Case (g) If he withdrew Rs. 15,000 at the end of each quarter;
Case (h) If he withdrew Rs.15,000 during the middle of each quarter.(8)

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BRANCH-2- AYODHYA CHOWK, SECTOR-3, ROHINI
 CA SHUBHAM SETHI-ACCOUNTS & BST EXPERT
PROF. SHEENA GUPTA-ECONOMICS & ENGLISH EXPERT
8588953495
Q-2 Mudit and Uday are partners in a firm sharing profits in the ratio 2:3.
Their capital accounts as on April 1, 2015 showed balances of Rs.70,000
and Rs.60,000 respectively. The drawings of Mudit and Uday during the
year 2015-16 were Rs. 16,000 and Rs. 12,000 respectively. Both the
amounts were withdrawn on 1st January 2016. It was subsequently found
that the following items had been omitted while preparing the final
accounts for the year ended 31st march 2016.
(a) Interest on capitals @ 6% p.a.;
(b) Interest on drawings @ 6% p.a.;
(c) Mudit was entitled to a commission of Rs.4,000 for the whole year.
Showing your workings clearly pass a rectifying entry in the books of the
firm.
(4)

Q-3 X, Y and Z were partners in a firm. On 1st April, 2018 their capitals
stood at Rs.6,00,000, Rs.4,00,000 and Rs.2,00,000 respectively. As per
provisions of the partnership deed:
(i) Y was entitled for commission of Rs. 12,000 p.a.
(ii) X was entitled for a salary of Rs. 1,200 per month.
(iii) Partners were entitled to interest on Capital @ 8% p.a.
(iv) Profits were to be shared in the ratio of Capitals.
Net profit for the year ended 31.03.2019 was Rs.4,22,400 which was
distributed equally, without taking into consideration the above
provisions. Showing your workings clearly, pass necessary adjustment
entry for the above.(4)

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 CA SHUBHAM SETHI-ACCOUNTS & BST EXPERT
PROF. SHEENA GUPTA-ECONOMICS & ENGLISH EXPERT
8588953495
Q-4 Ankur and Bobby were into the business of providing software
solutions in India.
They were sharing profits and losses in the ratio 3 : 2. They admitted Rohit
1
for thshare in the firm. Rohit, an alumni of IIT, Chennai would help them
5
to expand their business to various South African countries where he had
been working earlier. Rohit is guaranteed a minimum profit of
Rs.2,00,000 for the year. Any deficiency in Rohit’s share is to be borne
by Ankur and Bobby in the ratio 4:1. Losses for the year were Rs.
1,00,000. Pass the necessary journal entries.
(4)

Q-5 Moli, Bhola and Raj were partners in a firm sharing profits and losses
in the ratio of 3 : 3 : 4. Their partnership deed provided for the following
:
(i) Interest on capital @5% p.a.
(ii) Interest on drawing @12% p.a.
(iii) Interest on partners loan @6% p.a.
(iv) Moli was allowed an annual salary of Rs.4,000; Bhola was allowed a
commission of 10% of net profit as shown by Profit and Loss Account
and Raj was guaranteed a profit of Rs. 1,50,000 after making all the
adjustments as provided in the partnership agreement.
Their fixed capitals were Moli : Rs.5,00,000; Bhola : Rs.8,00,000 and Raj
: Rs.4,00,000. On 1st April, 2016 Bhola extended a loan of Rs.1,00,000 to
the firm. The net profit of the firm for the year ended 31 st March, 2017
before interest on Bhola’s loan was Rs.3,06,000.

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 CA SHUBHAM SETHI-ACCOUNTS & BST EXPERT
PROF. SHEENA GUPTA-ECONOMICS & ENGLISH EXPERT
8588953495
Prepare Profit and Loss Appropriation Account of Moli, Bhola and Raj
for the year ended 31st March, 2017 and their Current Accounts assuming
that Bhola withdrew Rs. 5,000 at the end of each month, Moli withdrew
Rs. 10,000 at the end of each quarter and Raj withdrew Rs.40,000 at the
end of each half year.
(4)

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