CBSE Class 12 Accountancy Fundamentals Partnership Worksheet Set C

Read and download free pdf of CBSE Class 12 Accountancy Fundamentals Partnership Worksheet Set C. Download printable Accountancy Class 12 Worksheets in pdf format, CBSE Class 12 Accountancy Part 1 Chapter 2 Accounting for Partnership Basic Concepts Worksheet has been prepared as per the latest syllabus and exam pattern issued by CBSE, NCERT and KVS. Also download free pdf Accountancy Class 12 Assignments and practice them daily to get better marks in tests and exams for Class 12. Free chapter wise worksheets with answers have been designed by Class 12 teachers as per latest examination pattern

Part 1 Chapter 2 Accounting for Partnership Basic Concepts Accountancy Worksheet for Class 12

Class 12 Accountancy students should refer to the following printable worksheet in Pdf in Class 12. This test paper with questions and solutions for Class 12 Accountancy will be very useful for tests and exams and help you to score better marks

Class 12 Accountancy Part 1 Chapter 2 Accounting for Partnership Basic Concepts Worksheet Pdf

Partnership- Fundamental

ALL questions are Compulsory.

I. Following QUESTIONS are of 1 Mark .

Q.1 X is a partner who used the stock of the firm worth Rs 10,000 and suffered a loss of Rs 2,000. He went the firm to bear the loss. How much ‘X’ is liable to pay to firm.

Q.2 Rajesh and Rakesh two partners draw for private use Rs 1,28,000 and Rs 86000 .Interest is chargeable at 6% per annum on drawings .What is the interest?

Q.3 A and B contribute Rs 80,000 and Rs 40,000 respectively by way of capital on which they agree to pay interest @ 6% p.a. Their respective share of profit is 2:3 and the business profit (before interest) for the year is 6,000. Show the relevant account to allocate interest about the treatment of interest on capital.

Q.4 It was discovered that in arriving at the profit for 2014, the following two items have been ignored.
(i) Outstanding expenses of Rs 3500 and
(ii) Accurate interest on investment of Rs 2,000
Make journal entries relevant to adjustments.

Q.5 A, B and C shared the profit of Rs 9,00,000 in the ratio of 2:2:1 without providing for interest on B’s loan, B granted a loan of Rs 4,00,000 in the beginning of accounting year. Whereas the partnership deed is silent on the interest on loan
and the profit sharing ratio. Give adjusting entry.

Q.6 Calculate interest on X’s drawings @ 12% if he withdraws Rs 2,000 per month during the year.

Q.7. Calculate interest on X’s drawings @ 12% p.a if he withdraws Rs 2,000 per month during the year.

Q.8. Is a partner entitled to salary if he works more than others if partnership deed is silent?

Q.9 Distinguish between drawings against profit and drawings against capital. (Any two)

Q.10 There is no agreement regarding sharing of profits (or) partnerships salary. Rose is a whole-time partner whereas Lilly does not attend business regularly. Rose claims Rs 3,000 salary a month and 60% of balance profits Rs 24,600 Lilly advanced Rs 10,000as loan and now she claims 10% interest. State how you will settle the accounts.

II.Following QUESTIONS are of 3 Marks.

Q.11 Tariq and Bilal are partners in a firm. Their capital contribution were Rs 6,00,000 and Rs 4,00,000 respectively. The terms of the Partnership agreement are as follows.

(I) 20% of the profit should be transferred to General Reserve.

(ii) Interest on capital @ 12% p.a and Interest on drawings @ 10% p.a.

(iii)Tariq and Bilal to get a monthly salary of Rs 3,000 and Rs 4,000 respectively.

(iv)Bilal is entitled to a commission of Rs 14,000

(v)Sharing profits and losses will be in the capital ratio.
The profit for the year ended 31st December, 2014 before making above appropriations was Rs 4,80,000/-. The drawings of Tariq and Bilal were Rs 80,000 and Rs 60,000 respectively. Prepare Profit and loss appropriation account.

Q12.On 1st April 2014 A and B entered into partnership contributing Rs 4,00,000 and Rs 3,00,000 respectively. They agreed to share profits and losses in the ratio 3:2. B is allowed a salary of Rs 4,000 per quarter. Interest on capital is to be allowed @10%p.a. During the year A withdrew Rs 18,000 and B Rs 36,000 as drawings. Interest on drawings of A and B was Rs 600and Rs 1,200 respectively. Profit as on 31st December 2014 before the adjustment were Rs 1,25,000. Prepare profit and loss Appropriation Account and Capital account of partner.

Q13.What entries will you pass to record the following transactions in the books of the firm A and B before distributing the profits earned?

(a) Commission of Rs 50,000 payable to B

(b) Interest on capital: A Rs 16,000 and B Rs 10,000.

(c) Interest on drawings A Rs 4,000 and B Rs 3,000.

(d) Salary payable to A Rs 3,000 per month.

(e) Transfer to General Reserve Rs 20,000.

Q14. A is a partner in a firm. A has withdrawn Rs 12,000 during the year 2014.

(a)Calculate interest on drawings @12% p.a when period is not given.

(b)Calculate interest on drawings @12%p.a irrespective of the period.

(c)Calculate interest on drawings @12% p.a when A has withdrawn the money on 1st Sep.2014.

(d) Calculate interest on drawings @12%p.a when A has withdrawn the money on 15th Nov.2014.

Q15. A is a partner in a firm. A’s drawings during the year 2014-15 were as follows:

Accounts are closed on 31st March every year. 1st May 14 Rs 1,000 1st November 14 Rs 750 30th June 14 Rs 1,250 31st December14 Rs 500 1st September14 Rs 500 1st March 2015 Rs 1,000 Interest on drawings is charged @10% p.a. Calculate interest on drawings of A.

Q16. A, and B were partners sharing profits and losses in the ratio of 2:1.The drawings of the partners were:-
(i)  Rs 1,200 per month by A throughout the year
(ii)  Rs 600 per month by B for 6 months.
Calculate interest on drawing @6% p.a in the following cases. When drawings are made (a) In the beginning of every month, (b) In the middle of every month and (c) At the end of every month.

Q17. M and N are partners in a firm. M has given a loan of Rs 8,000 to the firm on 1st April, 2011. The partnership deed is silent upon the question of provision of interest on partner’s loan. Compute the amount of interest payable on the loan advanced by M to the firm assuming the books are closed on 31st December every year.

Q18. A and B are partners sharing profits in proportion of 3:2 with capitals of Rs 80,000 and Rs 60,000 respectively. Interest on capital is agreed at 5%p.a. B is to be allowed an annual salary of Rs 6,000 which has not been withdrawn. During 2011, the profits for the year prior to calculation of interest on capital but after charging B’s salary amounted to Rs 24,000. A provision of 5%of this amount is to be made in respect of commission to the manager. Prepare P&L Appropriation a/c.

Q.19. A, B and C were partners in a firm having capitals of Rs 80,000, 80,000 and 1,40,000 respectively. According to partnership deed the partners were entitled to interest on capital @ 5% p.a B was also entitled annual salary of Rs 6,000. The profits were to be divided as follows:

(i) The first 30,000 in proportion to capitals of partner.
(ii) Next Rs 30,000 in the ratio of 5:3:2.
(iii) Remaining profits to be shared equally.
During the year the firm made a profit of Rs 1,56,000 before charging any of the above items. Prepare the profit & loss appropriation A/c.

Q20. A and B are partners in a firm. Their fixed capitals as on 1st Jan.2009 were Rs 2,10,000 and Rs 90,000 respectively. They share profits in the ratio2:1. On 1st May 2009, They decided that their capitals should be readjusted according to their profit sharing ratio. The necessary adjustments in the capitals were made by withdrawing and introducing cash. Interest is allowed on capital @ 12%p.a. Prepare Fixed Capital Account and Compute interest on capital for the year 2009.

Please click on below link to download CBSE Class 12 Accountancy Fundamentals Partnership Worksheet Set C

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