Acc FInal QB

Accountancy Problems 2024 New Alliance Commerce College
6 Marks questions
Interest on Drawings under Product method
01. Latha and Chethana are partners in a firm. Latha’s drawings for the year 2022-23 are
given as under
₹ 4,000 on 01.06.2022
₹ 6,000 on 30.09.2022
₹ 2,000 on 30.11.2022
₹ 3,000 on 01.01.2023
Calculate interest on Latha’s Drawings at 8% p.a. for the year ending on 31.03.2023,
under product method
02. Kiran’s drawings for the year 2022-23 are given as under
₹ 6,000 on 01.05.2022
₹ 4,000 on 31.07.2022
₹ 5,000 on 01.12.2022
₹ 2,000 on 31.01.2023
Calculate interest on Kiran’s Drawings at 12% p.a. for the year ending on 31.03.2023,
03. Ashwini and Aishwarya are partners in a firm. Ashwini’s drawings for the year 2022-
23 are given as under
₹ 6,000 on 01.07.2022
₹ 8,000 on 31.10.2022
₹ 10,000 on 31.12.2022
₹ 5,000 on 01.02.2023
Calculate interest on Ashwini’s Drawings at 9% p.a. for the year ending on 31.03.2023,
04. Radha and Raman are partners in a firm. Raman’s drawings for the year 2022-23 are
given as under
₹ 5,000 on 01.04.2022
₹ 8,000 on 30.06.2022
₹ 3,000 on 01.09.2022
₹ 2,000 on 31.03.2023
Calculate interest on Raman’s Drawings at 10% p.a. for the year ending on 31.03.2023,
05. Ravi and Suresh are partners in a firm. Ravi’s drawings for the year 2022-23 are
given as under
₹ 6,000 on 30.04.2022
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₹ 8,000 on 01.08.2022
₹ 3,000 on 01.12.2022
₹ 2,000 on 01.03.2023
Calculate interest on Ravi’s Drawings at 12% p.a. for the year ending on 31.03.2023,
06. X and Y are partners in a firm. Y’s drawings for the year 2022-23 are given as under
₹ 5,000 on 31.05.2022
₹ 2,000 on 31.08.2022
₹ 4,000 on 01.10.2022
₹ 2,000 on 01.03.2023
Calculate interest on Y’s Drawings at 10% p.a. for the year ending on 31.03.2023, under
product method
Interest on Drawings under Average Period method
01. Prashanth and Naveen are Partners sharing profit and losses equally. Prashanth
withdrew ₹. 2000 p.m. regularly. On first day of every month during the year 2022-23. If
interest on drawings is charges @ 10% p.a. Calculate the interest on drawings of
Prashanth under average period method.
02. X and Y are Partners sharing profit and losses in 3:2 ratio. X withdrew ₹. 3000 p.m.
regularly at the end of every month during the year 2022-23. If interest on drawings is
charges @ 12% p.a. Calculate the interest on drawings of X under average period method.
03. Abhi and Avi are Partners sharing profit and losses in 2:1 ratio. Abhi withdrew ₹. 8000
at the beginning of every quarter during the year 2022-23. If interest on drawings is
charges @ 8% p.a. Calculate the interest on drawings of Abhi under average period
method.
04. Abhi and Avi are Partners sharing profit and losses in 2:1 ratio. Avi withdrew ₹. 6000
at the end of every quarter during the year 2022-23. If interest on drawings is charges @
8% p.a. Calculate the interest on drawings of Avi under average period method.
Profit & Loss Appropriation Account

01. Arun & Varun are the partners commence business on 01/04/2022 sharing profits
& losses in the ratio of 2:1 with capitals of ₹80,000 &₹50,000 respectively. They earned a
profit of ₹20,000 before allowing the following:
a) Interest on capital @ 8% p.a.
b) Interest on drawings: Arun ₹2,000, Varun₹2,500
c) Salary to Arun ₹3,000 p.a.
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d) Commission to Varun ₹2,000 p.a.
Prepare P & L Appropriate A/c for the year ending 31/03/2023.
02. Asha & Usha are the partners sharing profits & losses in the ratio of 2:1 with capitals
of ₹1,00,000 &₹80,000 respectively. They earned a profit of ₹ 72,000 for the year ending
31.03.2023 before allowing the following:
b) Interest on drawings: Asha ₹1,000, Usha ₹ 500
c) Usha’s Salary ₹ 2,000 p.m.
d) Annual Commission to Asha ₹ 6,000
Prepare P & L Appropriate A/c for the year ending 31/03/2023.
03. Virat & Rohit are the partners commence business on 01/04/2022 sharing profits &
losses in the ratio of 3:2 with capitals of ₹90,000 &₹60,000 respectively. They earned a
profit of ₹31,600 before allowing the following:
b) Interest on drawings: Virat ₹ 1,500, Varun₹ 900
c) Salary to Arun ₹ 750 p.m.
d) Yearly Commission to Rohit ₹5,000.
e) Their drawings during the year: Virat ₹ 15,000 and Rohit ₹ 10,000
Prepare P & L Appropriate Account
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Problems on New Profit Sharing Ratio
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Gain ratio and New Profit Sharing ratio
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Death of a Partner
01. P.Q and R are partners sharing profits and losses in the ratio of 2:2:1 respectively.
Their capital balances on 01/04/2023 stood at ₹70,000, ₹50,000 and ₹40,000
respectively. ‘Q’ died on 30.06.2023.
The partnership deed provides the following:
a) Q’s capital.
b) Interest on capital at 6% p.a.
c) Salary to Q at ₹1,000 per month.
d) Q’s share of goodwill. Goodwill of the firm is ₹60,000(as per AS26)
e) Q’s share of accrued profit up to the date of his death ₹4,000.
Prepare Q’s Capital Account.
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Statement of Profit and Loss Account and Balance Sheet
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From the following information, as per Schedule III of the Companies Act, 2013 as on 31-
03-2022 Prepare the Balance Sheet of Sunlight Company Limited.
Details ₹
Share capital 4,00,000
Reserve and Surplus 2,50,000
Long Term borrowings 3,50,000
Creditors 2,00,000
Bills Payable 1,00,000
Fixed Assets 6,00,000
Other non-current assets 3,00,00
Cash in hand 2,50,000
Cash at bank 1,50,000
Cash Flow Statement
From the following information, Calculate the cash flow from financial activities by
preparing necessary ledger accounts
Details 01-04-2022 31-03-2023
Preference share capital 10,00,000 15,00,000
10% debentures 8,00,000 5,00,000
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From the following information, calculate cash flows from financing activities.
Details 31/03/2022 (₹) 31/03/ 2023 (₹)
Preference share capital 20,00,000 30,00,000
10% debentures 9,00,000 16,00,000
a) During the year secured loan repaid ₹4,00,000 with interest of ₹20,000.
b) Received dividend of ₹50,000.
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12 marks Questions
Admission of partner
01. Pavithra and Pawan of a firm sharing profits and losses in the ratio of 2:1 are
partners. Their balance sheet as on 31-03-2023 was as follows:
Balance Sheet as on 31-03-2023
Liabilities ₹ Assets ₹
Creditors 25,000 Debtors 36,000
Bills Payable 15,000 Investments 10,000
Profit and Loss A/c 9,000 Cash in hand 28,000
Capital: Stock 15,000
Pavithra 80,000 Furniture 30,000
Pavana 60,000 Building 70,000
1,89,000 1,89,000
On 01-04-2023, Pallavi was admitted to partnership on the following terms:
a) Pallavi brings 50,000 as her capital and 1/4th share in future profits and for Goodwill
She brings ₹ 12,000 (AS - 26).
b) Goodwill amount to be Withdrawn by the old partner.
c) Appreciate building by 15% and Depreciate furniture by 10%
d) Maintain PDD at 5% on Debtors.
e) Provide ₹ 1200 for outstanding repair bills.
Prepare:
i) Revaluation Account ii) Partners' capital account iii) New balance sheet of the firm.
02 .‘A’ and ‘B’ are partners in a firm sharing profits and losses in the ratio of 3:2.
Their balance sheet as on 31.03.2023 was as follows.
Balance Sheet as on 31.03.2023
Creditors 20,000 Cash at Hand 5,000
Bills Payable 6,000 Debtors 20,000
Reserve Fund 4,000 Less: PDD 2,000 18,000
Capitals: Stock 17,000
A 40,000 Buildings 30,000
B 30,000 70,000 Furniture 30,000
100,000 100,000
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On 01.04.2023, ‘C’ is admitted into the partnership on the following terms:
a) C should bring in ₹25,000 as capital and ₹8,000 towards goodwill for 1/6th share in
the future profits.
b) Depreciate furniture at 10% and appreciate buildings by 20%.
c) Provision for doubtful debts is no longer necessary.
d) Provide ₹1,000 for repair charges.
e) Goodwill is to be withdrawn by the Old Partners.(as per AS26)
Prepare: i). Revaluation Account ii). Partners’ Capital Accounts & iii) New Balance Sheet
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iii). New balance sheet of the firm as on 01/04/2
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Prepare: i). Revaluation Account ii). Partners’ Capital Accounts & iii) New Balance Sheet
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Retirement of partner
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Dissolution of Partnership firm
01. Manju and Sanju are partners sharing profits and losses in the ratio of 3:2. Their
balance sheet as on 31-03-2023 was as follows.
Balance Sheet as on 31-03-2023
Creditors 24,000 Cash at Bank 15,000
Bills Payable 18,000 Bills Receivables 5,000
Bank Loan 11,000 Debtors 32,000
Reserve fund 15,000 Investments 20,000
Capital: Machinery 36,000
Manju 60,000 Building 60,000
Sanju 40,000
1,68,000 1,68,000
On the above date the firm was dissolved.
Additional information:
a) Assets are realized as follows: Bills Receivable 6,000 ; Creditors 36,000 ; Investments
22,000 ; Machinery 38,000
b) Manju took over the building for 56,000.
c) All liabilities were paid in full.
d) The Realisation expenses were 2,000.
Prepare:ⅰ) Realization Account ii) Partners Capital Account & iii) Bank Account.
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Issue of Shares
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Issue and Redemption for debentures
Provide the necessary journal entries for the following:
a) Issue of 5,000 debentures at 8% of ₹100 each at a discount of 10% and redeemable at
par.
b) Issue of 5,000 8% debentures of ₹100 each at a premium of 10% and redeemable at
par.
c) Issue of 5,000, 8% debentures of 100 each with a premium of 10% and redeemable with
a 10% premium
d) Issue of 5,000, 8% debentures of ₹100 each at par and redeemable at par.
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Comparative and Common Size Statement
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From the following information of Abhiman Company Ltd., prepare the comparative
Statement of profit and Losses for the years ending 03-31-2021 and 03-31-2022.
Particulars 03-31-2021 (₹) 03-31-2022 (₹)
Revenue from operation 10,00,000 12,00,000
Other income 1,00,000 50,000
Cost of materials consumed. 5,00,000 5,80,000
Employee benefit expenses 2,00,000 2,30,000
Financial cost 1,00,000 1,20,000
Depreciation 80,000 90,000
Other expenses 70,000 60,000
Income tax 30% 30%
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Ratio analysis
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Accountancy Problems 2024 New Alliance Commerce College

Profit & Loss Appropriation Account

Gain ratio and New Profit Sharing ratio

Statement of Profit and Loss Account and Balance Sheet

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