CLASS 12TH PARTNERSHIP : MOST IMPORTANT QUESTIONS

 CLASS 12TH PARTNERSHIP : MOST IMPORTANT QUESTIONS

1. What are the essential features of a partnership?
2. Write the contents for partnership deed?
3. X and Y started business with capital of Rs. 1,00,000 and Rs. 60,000 on 1st April 2018. Y is entitled to a salary of Rs. 800 per month. Interest is allowed on capitals and is charged on drawings at 6% per annum. Profits are to be distributed equally after the above noted adjustments. During the year X withdrew Rs. 16,000 and Y withdrew Rs. 20,000. The profit for the year before allowing for the terms of the partnership deed came to Rs. 60,000. Assuming the capitals to be fixed , prepare the capital and current accounts of X and Y.
4. Sita and Gita are partners in a firm. Balances of their capital accounts as on 1st April, 2018 were as follows; Sita Rs. 40,000, Gita Rs. 30,000. Sita introduced Rs. 5,000 as an additional capital on 1st October 2018 and Gita introduced Rs. 7,500 as additional capital on 1st November, 2018. Sita drew capital amounting to Rs. 7,500 on 1st January 2019 and Gita withdrew capital amounting Rs. 2,500 on 1st February, 2019. They have further agreed to allow interest on capital @12% per annum. Books of the accounts of the firm are to be closed on 31st March 2019.
   Calculate interest to be allowed on partner’s capital.
5. Calculate the interest on drawings of X @ 10% p.a. for the year ended 31st March, 2018 in each of the following cases:-
   1. If his drawings during the year were Rs. 12,000
   2. If he withdrew Rs. 1,000 p.m. at the beginning of every month.
   3. If he withdrew Rs. 1,000 p.m. at the end of every month.
   4. If he withdrew Rs. 1,000 p.m. In the middle of each month.
   5. In he withdrew the following amounts; April 30th Rs. 3,000, June 30th Rs. 2,000, October 1st Rs. 4,000 , December 31st Rs. 1,500, February 1st 2,500
   6. If he withdrew Rs. 3,000 at the beginning of each quarter
   7. If he withdrew Rs. 3,000 at the end of each quarter.
   8. If he withdrew Rs. 3,000 during the middle of each quarter.
6. X, Y and Z are three partners in a firm since 31-3-2015. They share profits and losses equally. According to the partnership agreement interest on drawings is to be charged at the rate of 10% p.a. Drawings made by partners during the year 2014-2015 are as follows:-

   Date	A	B	C
   April 1	2500	1500	1000
   July 1	1500	1000	1500
   December 1	2500	2000	1000
   February 1	1000	500	500

   The profits for the year amount to Rs. 15,000.
   You are required to compute the interest on drawings recoverable from the partners.
7. X, Y and Z are partners in a firm sharing profits in the ratio of 2 : 2 : 1. According to the terms of the partnership agreement, Z has to get a minimum of Rs. 12,000 irrespective of the profits of the firm. Any excess payable to Z account of such a guarantee shall be borne by X.
   Prepare the profit or loss appropriation account showing the distribution of profits among the partners in case the profits for the year 2017-2018 are
   
   1. Rs. 50,000 and
   2. Rs. 80,000
8. Ram and Shyam with capitals of Rs. 60,000 and 20,000 respectively on 1st April, 2018. Net profit (before provisions of deed) for the year ended 31st March, 2019 was Rs. 24,000. The provision Deed provides:-
   
   1. B is entitled to a salary of 6,000 p.a.
   2. Interest on capital is to be allowed @ 6% p.a.
   3. Interest on drawings is to be charged @ 5% p.a.
   The drawings of the partners A and B were Rs 6000 and 4000 respectively and interest on drawings for A being Rs. 200 and B Rs. 100.
   Pass the journal entries for the above and show profit will be divided between A and B and also show the capital accounts of the partners along with their Drawings Accounts;
   1. If they are fixed
   2. If they are fluctuating.
   
   
   
   
   

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