CBSE (Central Board of Secondary Education- Board Exam) Class-12 Accountancy: Questions 65 - 67 of 209

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Question number: 65

» Accounting for Partnership Firms » Fixed Versus Fluctuating Capital Accounts

Short Answer Question▾

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X and Y are partners sharing profits and losses in the ratio of 3: 2 with capitals of Rs. 50,000 and Rs. 30,000 respectively. Each partner is entitled to 6 % interest on his capital. X is entitled to a salary of Rs. 800 per month together with a commission of 10 % of net ‘Profit remaining after deducting interest on capitals and salary but before charging any commission. Y is entitled to a salary of Rs. 600 per. month together I. with-a commission of 10 % of Net profit remaining after deducting interest on capitals and salary and after charging all commissions. The profits for the year prior to calculation of interest on capital but after charging salary of partners amounted to Rs. 40,000. Prepare partners’ Capital Accounts: . -

  1. When capitals are fixed, and
  2. when capitals are. fluctuating.

Question number: 66

» Analysis of Financial Statements » Financial Statements of a Company

One Liner Question▾

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During the year 2007 a club received Rs. 1,00,000 as entrance fees. According to accounting policy for the club 40 % of the entrance fees is to be capitalised. How will you deal with entrance fees received by NPO?

Question number: 67

» Accounting for Partnership Firms » Past Adjustments

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Amit and Vijay started a partnership business on 1st January, 2007. Their capital contributions were Rs. 2,00,000 and Rs. 10,0000 respectively. The partnership deed provided:

i. Interest on capitals@10 % p. a.

ii. Amit, to get a salary of Rs. 2,000 p. m. and Vijay Rs. 3,000 p. m.

iii. Profits are to be shared in the ratio of 3: 2.

The profits for the year ended 31st December, 2007 before making above appropriations were Rs. 2,16,000. Interest on Drawings amounted to Rs. 2,200 for Amit and Rs. 2,500 for Vijay. Prepare Profit and Loss Appropriation Account.

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