# http://www.cbseguess.

com/
Sample Paper – 2012 Class – XII Subject – Accountancy

Chapter: Accounting for Partnership Firms – Fundamentals
1. Amit and Vijay started a partnership business on 1st April, 2010. Their capital contributions were 2,00,000 and 1,50,000 respectively. The partnership deed provided inter alia that:
(a) Interest on capital @ 10% p.a.

(b) Amit to get a salary of 2,000 per month and Vijay 3,000 per month.
(c) Profits are to be shared in the ratio of 3:2. The profits for the year ended 31st March, 2011 before making above appropriations were Interest on drawings amounted to 2,200 for Amit and 2,500 for Vijay. 1,25,700] 50,000; 50,000 and 1,00,000 Prepare Profit and Loss Appropriation A/c. [Ans. Divisible profit 2,16,000.

2. A, B and C were partners in a firm having capitals of

respectively. Their current account balances were A: 10,000 B: 5,000 and C: 2,000 (Dr.). According to the partnership deed the partners were entitled to an interest on capital @ 10% p.a. C being the working partner was also entitled to a salary of 12,000 p.a. The profits were to be shared as:

(a) The first 20,000 in the proportion to their capitals. (b) Next 30,000 in the ratio of 5:3:2.
(c) Remaining profits to be shared equally. The firm made a profit of 1,72,000 before charging any of the above items. Prepare the profits and loss appropriation account and pass the necessary Journal entry for the appropriation of profits. [ Ans.; Share in divisible profit A: 50,000 B: 44,000 and C: 46,000] 60,000

3. X and Y are partners sharing profits in proportion of 3:2 with capitals of

80,000 and

respectively. Interest on capital is agreed @ 5% p.a. Y is to be allowed an annual salary of 6,000 which has not been withdrawn. During 2009-2010 the profits for the year prior to calculation of interest on capital but after charging Y’s Salary amounted to 24,000. A provision of 5% of the profit is to be made in respect of commission to the manager. Prepare an account showing the allocation of profits. Note: Manager Commission is a charge against the profit. Hence, it must be provided before making any appropriation (such as salary, interest on capital). [Ans. Share in D.P.; X: 9,300 and Y 4. A and B formed a partnership on 1 April, 2009. They agreed that out of profits:
st

6,200]

(a) A should receive a salary of 500 per month.
(b) Interest on capital should be allowed @ 6% p.a. and (c) Remaining profits be divided equally. A contributed a capital or
st

50,000 on 1st April, 2009 but B brought in his capital of 15,000 and B

1,00,000 on 1st

July 2009. During the year, the drawings were A

20,000. Profits for the year ended 50,000. Prepare the profit and loss
1,02,750]

31 March, 2010 before the above noted salary and interest were

appropriation account and the capital accounts of the partners. [Ans.: Capital A/c; A 62,250; B

www.cbseguess.com Other Educational Portals www.icseguess.com | www.ignouguess.com | www.dulife.com | www.magicsense.com | www.niosguess.com | www.iitguess.com