10/25/23, 1:58 PM Exam Automation

EDUNIQUE TUTORIALS
A CLASS FOR ISC/CBSE

Test / Exam Name: Partnership Fundamental Standard: 12th Commerce Subject: Accountancy
Test Jps
Student Name: Section: Roll No.:
Questions: 4 Time: 01:00 hh:mm Marks: 19

Q1.On 1st April, 2017 P, Q and R started a business with capitals of ₹ 6,00,000; ₹ 4,50,000 and ₹ 3,50,000 6 Marks
respectively. According to partnership agreement:
1. Profit earned in any year will be distributed as under:
Upto ₹ 1,80,000 equally
Excess over ₹ 1,80,000 one-third to P, one-sixth to Q and one-half to R.
2. Allow interest on capital @ 6% p.a. and charge interest on drawings @ 8% p.a.
3. Pis entitled to get a salary of ₹ 4,000 per month together with a commission of 5% on net profit
remaini.ng after considering salary and interest but before charing any commission.
4. Q is entitled to get a salary of ₹ 5,000 per month together with a commission of 5% on net profit
remaining after considering salary, interest and after · charging all commissions.
Drawings of the partners during tile year were:
P withdrew regularly ₹ 5,000 at the beginning ofthe every month
Q withdrew regularly ₹ 7,500 at the end of the every month.
R withdrew ₹ 70,000 during the year. The profit for the year ended 31st March, 2018 before all of the
above adjustments was ₹ 4,96,310.
Distribute the profit among the partners and prepare, partners capital accounts when Capitals are
fluctuating.
Ans:

Working Notes:
1. Balance of Profit = ₹ 4,96,310 + ₹ 8,700 – ₹ 84,000 – ₹ 1,08,000 = ₹ 3,13,010
Commission to P = 3, 13, 010 × 100
5
= ₹ 15,650
Remaining Profit = 3,13,010 – 15,650 = ₹ 2,97,360
Commission to Q = 2, 97, 360 × 105
5
= ₹ 14,160

2.
Divisible Profit = 2,97,360 – 14,160 = 2,83,200
P Q R
₹ ₹ ₹
Upto ₹ 1,80,000 Equally 60,000 60,000 60,000
2,83,200 – 1,80,000 = 1,03,200 in 1

3
:
1

6
:
1

2
34,400 17,200 51,600
Total 94,400 77,200 1,11,600

Q2. 6 Marks

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Satnam and Qureshi after doing their MBA decided to start a partnership firm to manufacture ISI marked
electronic goods for economically weaker section of the society. Satnam also expressed his willingness to
admit Juliee partner without capital who is specially abled but a very creative and intelligent friend of him.
Qureshi agreed to this. They formed a partnership on 1st April 2012 on the following terms:
1. Satnam will contribute ₹ 4,00,000 and Qureshi will contribute ₹ 2,00,000 as capitals.
2. Satnam Qureshi and Juliee will share profits in the ratio of 2 : 2 : 1.
3. Interest on capital will be allowed @ 6% p.a.
Due to shortage of capital Satnam contributed ₹ 50,000 on 30th September, 2012 and Qureshi
contributed ₹ 20,000 on 1st january, 2013 as additional capitals. The profit of the firm for the year ended
31st March, 2013 was ₹ 3,37,800.
1. Identify any two values which the firm wants to communicate to the society.
2. Prepare profit & Loss Appropriation A/c for the year ending 31st March 2013.
Ans: 1. Values which the firm wants to communicate to the society are:
Sensitivity towards specially abled people.
Encouragiug women entrepreneurshlp.
Upliftment of economically weaker sections.
Adherence to law to manufacture ISI marked electronic goods.

2.

Working Notes:
Calculation of Interest on Capital:
1. Satnam:
₹
= 24,000
6
₹ 4, 00, 000 × 100

= 1,500
6 6
₹ 50, 000 × 100
×
12
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
25, 500
––––––––

2. Qureshi:
₹
₹ 2, 00, 000 × 6

100
= 12,000
₹ 20, 000 × 6

100
×
3

12
= 300
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
12, 300
––––––––

Q3.The partners of a firm distributed the profits for the year ended 31st March, 2016 ₹ 1,50,000 in the ratio of 4 Marks
2 : 2 : 1 without providing for the following adjustments:
1. A 'and B were entitled to a salary of ₹ 1,500 per quarter.
2. C was entitled to a commission of ₹ 18,000.
3. A and Chad teed a minimum profit of ₹ 50,000 p.a. to B.
4. Profits were to be shared in the ratio of 3 : 3 : 2.
Pass necessary journal entry for the above adjustments in the books of the firm.
Ans:

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Working Note:
Profit remaining after allowing salary and commission will be
₹ 1,50,000 – ₹ 12,000 – ₹ 18,000 = ₹ 1,20,000
B's Share = 1, 20, 000 × = ₹ 45, 000.
3

Since it is less than guaranteed amount of ₹ 50,000, he will be entitled to ₹ 50,000.

Q4.Raja, Roopa and Mala sharing profits and losses equally have fixed capitals of, ₹ 12,00,000, ₹ 9,00,000 and 3 Marks
₹ 6,00,000 respectively. For the year ended 31st March, 2016, interest was credited to them @ 6% instead
of 5% p.a. Give adjusting entry.
Ans:

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