Assingment Fundamental of Partnership

WORKSHEET – 1
CHAPTER : FUNDAMENTAL OF PARTNERSHIP

CLASS: XII; SUBJECT: ACCOUNTANCY
TEACHER’S NAME:_ PRIYANSH BHATIA QUARTER:_ APRIL - JUNE
I MARKER
Q 1 As per the Companies Act 2013, the Central Government is empowered to prescribe the
maximum number of partners in a firm, but the number of partners cannot be more than ---
a.50 c.20
b.100 d.10
Q 2 A partnership Deed provides for the payment of interest on capital, but there was a loss instead
of profits during the year 2020-21. At what rate will the interest on capital be allowed?
a. 6% p.a c. The rate specified in the partnership deed
b. 12%p.a d. No interest on capital will be allowed
Q 3 In the absence of Partnership deed, the profits of a firm are divided among the partners
a. In the ratio of capital d. According to the managerial abilities of the
b. Equally partners
c. In the ratio of time devoted for the firm’s
business
Q 4 P and Q are partners in a firm. They had advanced a loan of ₹.60, 000, contributed equally
to the firm on 1st August 2020.The Partnership Deed is silent regarding the rate of interest
on loan. What amount of interest on loan is payable to P, if the firm closes its books of ac-
count on 31st March every year.
a. ₹.1200 c. ₹.1,800
b. ₹.3,600 d. None of these
Q 5 Which of the following transactions is always recorded in the partner’s Capital account
irrespective of whether the partners’ capitals are fixed or fluctuating?
a. Additional capital introduced c. Interest on partner’s loan
b. Withdrawal of Capital by a partner d. Both (a) & (b)
Q 6 Nima & Hima are partners sharing profits and losses equally. On 1st April 2020, their capital
accounts showed balance of Rs.4, 00,000 & 1, 00,000 respectively. Calculate the share of divisible
profit of the partners if the partnership deed provided for interest on capital @10% p.a. and the firm
earned a profit of Rs.50,000 for the year ended 31st March 2021
a.Nima ₹.40,000 & Hima ₹.10,000 c.Nima Nil & Hima Nil
b.Nima ₹,000 & Hima ₹.25,000 d. None of these
Q 7 Bobby and Sanjay were partners sharing profits & losses in the ratio of 5:3. On 1st April 2020,
their capital accounts showed balances of ₹.3, 00,000 and ₹.2, 00,000 respectively.
The Partnership Deed provided for interest on capital @10% p.a and the firm earned a profit of
Rs.45, 000 for the year ended 31st March 2021. The interest on partners’ capitals to Bobby &
Sanjay will be:
a. ₹.22,500 to both partners c ₹.28,125 & ₹.16,875 respectively
b. ₹.27,000 & ₹.18,000 respectively d. None of the above
Q 8 X and Y are partners in a firm having Rs.4, 00,000 & Rs.8, 00,000 respectively. The partnership
deed provides for charging interest on drawings @5% pa. X withdrew Rs.1,00,000 for his personal
use during the year 2020-21.Y withdrew Rs.1, 00,000 from his
capital on 1.9,2020. The amount of interest that will be charged on partners’ drawings are
a. X-.₹.2,000 & Y-₹.4,000 c. X-₹.5,000 &Y- Nil
b. ₹.5,000 from X &Y d. X-₹.2,500 & Y-Nil
3 MARKER
Read the hypothetical text and answer the following questions.
Q 1 Arun, Varun, and Tarun were partners in firm sharing profits equally. On 1st April, 2020, their
capitals stood at ₹ 2, 00,000, ₹ 1, 50,000 and ₹ 1, 00,000 respectively. As per the provisions of the
Partnership Deed:
1) Arun was entitled to a salary of ₹ 2,500 p.m.
2) Partners were entitled to interest on capital @ 10% p.a.
The net profit for the year ended 31st March 2021, ₹ 1, 50,000 were distributed among the
partners without providing for the above items.
A. What is the amount of interest on capital Varun?

a) ₹ 20,000 c) ₹ 10,000
b) ₹ 15,000 d) ₹ 30,000
B. What is the amount of distributable profit for the partners after providing salary and
interest on capital to the partners?
a) ₹ 50,000 each c) ₹ 10,000 each
b) ₹ 25,000 each d) ₹ 15,000 each
C. Arun’s Capital A/c will be credited with Rs................for giving the adjustment to
the above omissions.
a) Rs 20,000 b) Rs15,000 c) Rs 25,000 d) Rs10,000
Q2 Gupta is a partner in a firm. He drew regularly ₹ 8,00 at the beginning of every month for
the six months ending 31st March 2022. Calculate interest on drawings @15% p.a.
Q 3 X and Y are partners in the firm sharing profits and losses in the ratio of 3:2 with capitals
of ₹ 10,00,000 and ₹ 5,00,000 respectively. As per the partnership deed, they are to be
allowed interest on capital @ 8% p.a. The net profit for the year ended 31st March 2021
before providing for interest on capital amounted to ₹ 45,000. Show the distribution of
profit.
Q 4 Aman, Babita, and Suresh are partners in a firm. Their profit-sharing ratio is 2:2:1. How-
ever, Suresh is guaranteed a minimum amount of ₹ 10,000 as a share of profit every year.
Any deficiency arising on that account shall be met by Babita. The profits for the two years
ending 31st March 2020 and 2021 were ₹ 40,000 and ₹ 60,000 respectively. Prepare Profit
and Loss Appropriation Account for the two years.
Q 5 W, X, and Y were partners sharing profits and losses in the ratio of 2:2: 1. X was guaranteed
a profit of ₹ 10,00,000. The firm earned a profit of ₹ 17,50,000 for the year ended 31st March
2020.
Pass Journal entries for the year ended 31st march 2020.

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WORKSHEET – 1

CHAPTER : FUNDAMENTAL OF PARTNERSHIP

A. What is the amount of interest on capital Varun?

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