# Accounting for Partnership Firms-Past Adjustments (CBSE (Central Board of Secondary Education- Board Exam) Class-12 Accountancy): Questions 6 - 8 of 16

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## Question number: 6

» Accounting for Partnership Firms » Past Adjustments

### Write in Short

From the following balance sheet of X and Y, calculate interest on capitals@10 % p. a. payable to X and Y for the year ended 31st December, 1998.

 Liabilities Amount Assets Amount X’s Capital 50,000 Sundry Assets 1,00,000 Y’s capital 40,000 Drawings X 10,000 P & L appropriation A/c (1998) 20,000 1,10,000 1,10,000

During the year 1998, X’s drawings were Rs. 10,000 and Y’s Drawing were Rs. , 3,000. Profit during the year, , 1998 was Rs: ’30,000.

## Question number: 7

» Accounting for Partnership Firms » Past Adjustments

### Write in Short

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.

## Question number: 8

» Accounting for Partnership Firms » Past Adjustments

One Liner Question▾

### Write in Brief

Ramesh, a partner in the firm has advanced a loan of a Rs. 1,00,000 to the firm and has demanded on interest@9 % per annum. The partnership deed is silent on the matter. How will you deal with it?

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