Scribd Logo
Upload

Welcome to Scribd!

  • 18 views

    Knowledge Park Classes Partnership Accounting Class XII Max Marks: 20 Max Time: 20 Minutes

    Uploaded by

    Knowledge Park Classes
    The document contains 5 questions related to partnership accounting. Question 1 asks to prepare a profit and loss appropriation account for a partnership with profits of ₹4000 and ₹60000 for years ending 2016 and 2017 respectively based on partners' profit sharing ratios. Question 2 asks to pass a journal entry to credit interest on partners' capital accounts before distributing profits for a partnership. Question 3 asks to discuss key provisions of the Indian Partnership Act 1932 relevant to partnership accounts in the absence of a partnership deed. Question 4 asks to explain why it is better to have a partnership agreement in writing. Question 5 provides capital balances and other details for two partners and asks to calculate interest on drawings and distribute profits to prepare capital accounts.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Knowledge Park Classes Partnership Accounting Class XII Max Marks: 20 Max Time: 20 Minutes

    Uploaded by

    Knowledge Park Classes
    18 views1 page
    The document contains 5 questions related to partnership accounting. Question 1 asks to prepare a profit and loss appropriation account for a partnership with profits of ₹4000 and ₹60000 for years ending 2016 and 2017 respectively based on partners' profit sharing ratios. Question 2 asks to pass a journal entry to credit interest on partners' capital accounts before distributing profits for a partnership. Question 3 asks to discuss key provisions of the Indian Partnership Act 1932 relevant to partnership accounts in the absence of a partnership deed. Question 4 asks to explain why it is better to have a partnership agreement in writing. Question 5 provides capital balances and other details for two partners and asks to calculate interest on drawings and distribute profits to prepare capital accounts.

    Original Description:

    accountancy test class 12

    Original Title

    Test of Accounts

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    The document contains 5 questions related to partnership accounting. Question 1 asks to prepare a profit and loss appropriation account for a partnership with profits of ₹4000 and ₹60000 for years ending 2016 and 2017 respectively based on partners' profit sharing ratios. Question 2 asks to pass a journal entry to credit interest on partners' capital accounts before distributing profits for a partnership. Question 3 asks to discuss key provisions of the Indian Partnership Act 1932 relevant to partnership accounts in the absence of a partnership deed. Question 4 asks to explain why it is better to have a partnership agreement in writing. Question 5 provides capital balances and other details for two partners and asks to calculate interest on drawings and distribute profits to prepare capital accounts.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    18 views1 page

    Knowledge Park Classes Partnership Accounting Class XII Max Marks: 20 Max Time: 20 Minutes

    Uploaded by

    Knowledge Park Classes
    The document contains 5 questions related to partnership accounting. Question 1 asks to prepare a profit and loss appropriation account for a partnership with profits of ₹4000 and ₹60000 for years ending 2016 and 2017 respectively based on partners' profit sharing ratios. Question 2 asks to pass a journal entry to credit interest on partners' capital accounts before distributing profits for a partnership. Question 3 asks to discuss key provisions of the Indian Partnership Act 1932 relevant to partnership accounts in the absence of a partnership deed. Question 4 asks to explain why it is better to have a partnership agreement in writing. Question 5 provides capital balances and other details for two partners and asks to calculate interest on drawings and distribute profits to prepare capital accounts.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    You are on page 1of 1

    Knowledge Park Classes Partnership Accounting

    Class XII

    Max Marks: 20 Max Time: 20 Minutes

    1. Abhay, siddharth and kusum are partners in a firm, sharing profits in the ratio 5:3:2.
    Kusum is guaranteed a minimum amount of ₹ 10000 as per share in the profits. Any
    deficiency arising on that account shall be met sidhdharth. Profits for the year ending
    march 2016 and 2017 are ₹4000 and ₹60000 respectively. Prepare profit and loss
    appropriation account. (3)

    2. Azad and benny are equal partners. Their capitals are ₹40000 & ₹80000 respectively.
    After the accounts for the year have been prepared it is discovered that interest at 5%
    p.a as provided in the partnership agreement, has not been credited to the capital
    accounts before distribution of profits. Record the necessary journal entry. (3)

    3. Discuss the main provisions of the Indian partnership act 1932 that are relevant to
    partnership accounts if there is no partnership deed ? (4)

    4. Explain why it is considered better to make a partnership agreement in writing ? (4)

    5. The capital accounts of molu and golu showed a balances of ₹40000 & ₹20000 as on
    April, 01, 2016. They shared profits in the ratio of 3:2. They allowed interest on capital at
    10% p.a, and interest on drawings at 12% p.a. Golu advanced a loan of ₹10000 to the
    firm on August ,01,2016.
    During the year, molu withdrew ₹1000 per month at the beginning of every month
    wheareas golu withdrew ₹1000 per month at the end of every month. Profit for the year
    before the above mentioned adjustments was ₹ 20,950. Calculate interest on drawings,
    show distribution of profits and prepare capital accounts. (6)

    You might also like