Accounting for Partnership Firms-Past Adjustments (CBSE Class-12 Accountancy): Questions 6 - 8 of 16

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Question number: 6

» Accounting for Partnership Firms » Past Adjustments

Short Answer Question▾

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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.

Balance sheet of X and Y ltd as on 31st December, 1998

shows balance of assets and liabilities of the firm at the end of financial year

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

Short Answer Question▾

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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.

Question number: 8

» Accounting for Partnership Firms » Past Adjustments

One Liner Question▾

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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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