AMI SHISHU MANDIR GWALIOR
PARTNERSHIP TEST
Accountancy
Class : XII
Roll No. : Time - 1:30 Hours
Date : 13/10/2022 MM - 40
1. A, B and C are partners in a firm. Their capital accounts showed the balance on 1st April 2017 as 3
20,000; 15,000 and 10,000 respectively. During the year A withdrew 400 at the beginning of
the each month. B withdrew 500 at the end of the each month. C withdrew 800 at the middle of
the each month for six month ending 30th September 2017. Interest on drawing is to be charged @
12% p.a. Calculate interest on drawings of each partner.
2. Zee and Vee are partners in a firm. Their capital accounts showed the balance on 1st April, 2017 3
as 20,000 and 15,000 respectively. During the year 2017-18, Zee introduced additional capital of
10,000 on August 1, 2017 and Vee introduced 15,000 on 1st October, 2017. Interest on capital is
allowed @ 6% p.a. on the capital. Calculate interest on capital of each partner.
A, B, C, D, X, Y and Z are partners in a firm. During the year A withdrew 300 at the beginning of 4
the each month. B withdrew 600 at the end of the each month. C withdrew 500 at the middle of
the each month. D withdrew 1,000 at the beginning of the each quarter. X withdrew 2,000 at the
end of the each quarter. Y withdrew 5,000 during the year. Z withdrew the following:-
( )
April 30, 2017 6,000
June 30, 2017 4,000
September 1, 2017 8,000
December 31, 2017 3,000
February 28, 2018 5,000
Interest on drawing is to be charged @ 12% p.a. calculate interest on drawings for the year 31st
March 2018.
4. The Partnership agreement between Maneesh and Girish provides that: 6
(i) Profits will be shared equally;
(ii) Maneesh will be allowed a salary of 400 p.m;
(iii) Girish who manages the sales department will be allowed a commission equal to 10% of the
net profits, after allowing Maneesh’s salary;
(iv) 7% p.a. interest will be allowed on partner’s fixed capital;
(v) 5% interest will be charged on partner’s annual drawings;
(vi) The fixed capitals of Maneesh and Girish are 1,00,000 and 80,000 respectively. Their annual
drawings are 16,000 and 14,000 respectively. The net profit for the year ending March 31, 2013
amounted to 40,000.
Prepare firm’s Profit and Loss Appropriation Account.
5. A and B entered into partnership on 1st April, 2016 without any partnership deed. They 6
introduced capitals of 5,00,000 and 3,00,000 respectively. On 31st October, 2016, A advanced
2,00,000 by way of loan to the firm without any agreement as to interest.
The profit and loss account for the year ended 31.03.2017 showed a profit 4,30,000 but the
partners could not agree upon the amount of interest on loan to be charged and the basis of
division of profits.
Pass a journal entry for the distribution of profit between the partners.
6. A and B are partners in a firm. A is to get a commission of 10% on net profit before charging any 6
commission. B is to be get commission of 10% on net profit after charging all commission. Net
profit before charging any commission was 2,20,000. Find out the commission of A and B and
prepare Profit and Loss Appropriation A/c.
7. A, B, C and D are the four partners sharing profit as 4 : 3 : 2 : 1. They earned a profit of 1,80,000 6
for the year ended 31.03.2017. As per the deed they are to charge a commission @ 20% of the
profit after charging such commission which they will share as 2 : 3 : 2 : 3.
Prepare Profit and Loss Appropriation Account showing the distribution of profits and the share of
each partner assuming capital accounts are maintained on fixed capital system.
8. K and P were partners in a firm sharing profits in 4 : 3 ratio. Their capitals on 01.04.2017 were: 6
K 80,000 and P 60,000. The partnership deed provided as follows:
(i) Interest on capital and drawings will be allowed and charged @ 12% p.a. and 10% p.a.
respectively.
(ii) K and P will be entitled to a monthly salary of 2,000 and 3,000 respectively.
The profits for the year ended 31.03.2018 were 1,00,300. The drawings of K and P were 40,000
and
50,000 respectively.
Prepare Profit and Loss Appropriation Account and Capital Account of K and P for the year ended
31.3.2017 assuming that the capitals of the partners were: (i) fluctuating. (ii) Fixed.
