CBSE Class 12 Accountancy Important Questions · 2020. 4. 18. · Interest on drawing = = Rs. 3,000...

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CBSEClass12Accountancy

ImportantQuestions

Chapter1

1:RadhaandRamanarepartnersinafirmsharingprofitsandlossesintheratioof5:2.

CapitalcontributedbythemisRs.50,000andRs.20,000respectively.Radhawasgiven

salaryofRs.10,000andRamanRs.7,000perannum.RadhaadvancedloanofRs.20,000

tofirmwithoutanyagreementtorateofinterestindeedwhileindeedrateofinterest

oncapitalwasmentionedas6%p.a.ProfitsfortheyearareRs.29,400.PrepareProfit

andLossAppropriationAccountfortheyearending31stMarch2015.

Solution:

ProfitandLossAppropriationaccount

Fortheyearendingon31.03.2015

Dr.Cr.

Particulars Rs. Particulars Rs.

ToInterestonCapital:

Radha3,000

Raman1,200

ToPartner’sSalary

Radha10,000

Raman7,000

ToProfitstransferredtocapital

A/csof:

Radha5,000

Raman2,000

17,000

ByProfitandLossA/c

(NetProfits)29,400

Less:Interest

OnRadha’sloan1,200

28,200

28,200 28,200

Whenappropriationaremorethanavailableprofits

Insuchcaseavailableprofitsaredistributedintheratioofappropriation.

2:Ram&Shamarepartnerssharingprofits&lossesinratioof3:2.Rambeingnon-

workingpartnercontributesRs.20,00,000ashiscapital&Shyambeingaworking

parties,getsasalaryofRs.8000permonth.Asperpartnershipdeedinterestispaid@

8%p.a.&salaryisallowed.Profitsbeforeprovidingthatforyearending31stMarch

2015wereRs.80,000.Showthedistributionofprofits.

Solution:

Profit&LossAppropriationAccountfortheyearended31.3.15

Dr.Cr.

Particulars Rs. Particulars Rs.

ToRam’sCapitalA/c

(Interest)

ToShyam’sCapitalA/c

(Salary)

50,000

30,000 ByProfit&LossA/c

(NetProfits)

80,000

80,000 80,000

workingNotes:Interestoncapital= =Rs.1,60,000

Salary= =Rs.96,000

Total2,56,000

RatioofInterest&Salary=1,600,000:96,000=5:3

ProfitssharegiventoRam =Rs.50,000

Shyam= =Rs.30,000

3:AmitandSumitcommencedbusinessaspartnerson01.04.2014.AmitcontributedRs.

40,000andSumitRs.25,000astheirshareofcapital.Thepartnersdecidedtoshare

theirprofitsintheratioof2:1.AmitwasentitledtosalaryofRs.6,000p.a.Intereston

capitalwastobeprovided@6%p.a.ThedrawingsofRs.4,000wasmadebyAmitand

Rs.8,000wasmadebySumit.Theprofitsafterprovidingsalaryandinterestoncapital

fortheyearended31stMarch,2015wereRs.12,000.

Drawupthecapitalaccountsofthepartners

1.Whencapitalsarefluctuating

2.WhencapitalsareFixed

Solution:

1.Whencapitalsarefluctuating

CapitalAccountsofAmitandSumit

Dr.Cr.

ParticularsAmit

(Rs.)Particulars

ToDrawingA/c

ToBalancec/d

52,400

22,500

ByBalanceA/c(Capital)

BySalaryA/c

ByInterestoncapitalA/c

ByProfitandLoss

AppropriationA/c

40,000

25,000

56,400 30,500 56,400 30,500

WhencapitalareFixedCapitalaccounts

Dr.Cr.

ParticularsAmit

(Rs.)Particulars

ToBalancec/d

40,000 25,000

ByBalanceA/c(Capital)

40,000 25,000

40,000 25,000 40,000 25,000

CurrentAccounts

Dr.Cr.

ParticularsAmit

(Rs.)Particulars

ToDrawingA/c

ToBalancec/d

12,400

BySalaryA/c

ByInterestoncapitalA/c

ByProfitandLoss

AppropriationA/c

ToBalancec/d

(ClosingBalance)

40,000

16,400 8,000 16,400 8,000

WorkingNotes:ProfitsaftersalaryandinterestRs.12,000

Amitshare= =8,000

Sumitshare= =4,000

DifferencebetweenFixedCapitalAccount&FluctuatingCapitalAccount:

Basis FixedCapitalAccount FluctuatingCapitalAccount

1.No.ofAccounts

maintained

Twoaccountsforeachpartner

FixedCapitalAccount&current

Account.

Onlyoneaccountis

maintainedforeachpartner,

i.e.,capitalAccount.

2.Balancechane

Balancedoesnotchangeexcept

underspecificcircumstances

(introductionofadditional

capitalandcapitalwithdrawn)

Balancechangesfrequently

fromperiodtoperiod.

3.Adjustments

Alladjustmentsfordrawing

interestondrawing,intereston

capital,salaryandprofit/lossare

madeincurrentaccount.

Alladjustmentsfordrawings,

interestondrawing&capital,

salary,profit/lossaremadein

CapitalAccounts.

4.Balance

FixedCapitalAccount.Capital

Accounthascreditbalance

alwaysHowever,current

accountmayhavedebitorcredit

balance.

FluctuatingCapitalaccount

canhavedebitorcredit

balance.

4:XandYinvestedRs.20,000&Rs.10,000.Interestoncapitalisallowed@6%per

annum.Profitsaresharedinratioof2:3.Profitsforyearending11.3.2015isRs.1,500.

Showallocationofprofitswhenpartnershipdeed.

(a)Allowsinterestoncapital&deedissilentontreatinginterestascharge.

(b)Interestischargeagainstprofit.

Solution:

(a)Whenpartnershipdeedissilentontreatinginterestasacharge,

Profit&LossAppropriationAccountfortheyearending31.3.2015

Dr.Cr.

Particulars (Rs.) Particulars (Rs.)

ToInterestonCapital

X10001,500 ByProfit&LossA/c

(NetProfits)

Y5001,500 1,500

WorkingNotes:InterestonX’sCapital= =1200

Y’sCapital= =600

TotalInterest=1800

RatioofInterest=1200:600=2:1

Interestallowedtopartner=

InteresttoX= =Rs.1000

Interestallowedbyy= =Rs.500

(b)Interestischargeonprofit–Insuchcasefullinterestwillbegiven&lossistransferredto

partner’scapitalaccounts.

Profit&LossAppropriationisnotpreparedinthiscaseinsteadprofit&LossAccountis

prepared&deficitistreatedasloss.

Profit&LossAccount

Fortheyearendingon31.3.2015

Dr.Cr.

ToInterestonCapital 1800

ByProfitbeforeInterest

ByLosstransferredtoCapital1,500

1800 1800

(a)IncaseofSufficientProfits

ProfitandLossAppropriationA/cDr.

ToInterestonCapitalA/c

(BeinginterestoncapitaltransferredtoP&LAppropriationA/c

(b)IncaseofInsufficientProfitsorLosses

Profit&Loss/ProfitandLossAdjustmentA/cDr.

ToInterestonCapitalA/c

(BeinginterestoncapitaltransferredtoP&LAdjustmentA/c)

5:AandBarepartnersinbusiness.TheircapitalsattheendofyearwereRs.48,000&

Rs.36,000respectively.DuringtheyearendedMarch31st2015A’sDrawingsandB’s

drawingswereRs.8,000&Rs.12,000respectively.Profitsbeforechargingintereston

capitalduringtheyearwereRs.32,000.CalculateInterestonpartners’capitals@10%

Solution

Statementshowingcalculationofopeningcapitals

Particulars A(Rs.) B(Rs.)

ClosingCapital

48,000

36,000

12,000

Add:Drawingsalreadycredited

Less:Profitsalreadycredited

Openingcapitalsorcapitalsinthebeginning

InterestonCapital@10%p.a.

56,000

16,000

48,000

16,000

40,000 32,000

4,000 3,200

Foradditionalcapitalinterestiscalculatedforperiodforwhichcapitalisutilizede.g.if

additionalcapitalisintroducedon1Aprilinfirmwhereaccountsareclosedon31st

December.

Interest=

Asmoneyisutilizedfor9months

6:AarushiandSimranarepartnersinafirm.Duringtheyearendedon1stMarch,2015

Aarushimakesthedrawingsasunder:

DateofDrawing Amount(Rs.)

01-08-2015

31-12-2014

31-03-2015

10,000

15,000

PartnershipDeedprovidedthatpartnersaretobechargedinterestondrawing@12%

p.a.CalculatetheinterestchargeabletoAarushiDrawingbyusingSimpleInterest

MethodandProductMethod.

Solution:

1.SimpleInterestMethod

DateofDrawing Amount(Rs.) MonthstillMarch

31,2014

Interest@12%

pm(Rs.)

01-08-2015

31-12-2014

31-03-2015

10,000

15,000

BeforecharginginterestoncapitaltheyearwereRs.32,000.CalculateInterestonpartners’

capitals@10%p.a.

Solution:

Statementshowingcalculationofopeningcapitals

ClosingCapital

Add:Drawingsalreadycredited

Less:Profitsalreadycredited

Openingcapitalsorcapitalsinthebeginning

InterestonCapital@10%p.a.

48,000

36,000

12,000

56,000

16,000

48,000

16,000

40,000 32,000

4,000 3,200

Foradditionalcapitalinterestiscalculatedforperiodforwhichcapitalisutilizede.g.if

additionalcapitalisintroducedon1Aprilinfirmwhereaccountsareclosedon31st

December.

Interest=

Asmoneyisutilizedfor9months

2.ProductMethod

DateofDrawingAmountof

Drawings(Rs.)

MonthsforwhichAmounthas

WithdrawntillDecember31,

Product

01-08-2015

31-12-2014

31-03-2015

10,000

15,000

70,000

InterestonDrawing= (inmonths)

= =Rs.700

7:CalculateinterestondrawingsofMr.X@10%p.a.ifhewithdrawnRs.1000per

month(i)inthebeginningofeachMonth(ii)Inthemiddleeachofmonth(iii)atendof

eachmonth.

TotalAmountwithwithdrawn=Rs. =12,000.

Solution:

(i)InterestonDrawing=

=Rs.650

(ii)Interestondrawing=

=Rs.600

(iii)Interestondrawing=

=Rs.550

8:CalculateinterestondrawingofVimalifthewithdrewRs.48000Quarterwithdrawn

evenly(i)atbeginningofeachQuarter(ii)inthemiddleofeachofatend(iii)Quarter.

Rateofinterestis10%p.a.

Solution:

CaseI-DrawingmadeonbeginningofeachQuarter

Interestondrawing=

=Rs.3,000

CaseII-Drawingmadeinmiddleofeachquarter

Interestondrawing=

=Rs.2,400

CaseIII-Drawingmadeatendofeachquarter

Interestondrawing=

=Rs.1,800

SimilarlyInterestcanbecalculatedbyfollowingformulasHalfyearlyDrawingsforyear

(a)Drawingsaremadeinthebeginningofeachperiod(half-year)

Interestondrawing=

(b)Drawingsaremadeinthemiddleofeachperiod(halfyear)

Interestondrawing=

(c)Drawingsaremadeattheendofeachperiod(halfyear)

Interestondrawing=

Formonthlydrawingsfor6months(Last6months)

(a)Drawingsaremadeinthebeginningofeachmonth

Interest=

(b)Drawingsaremadeinthemiddleofeachmonth

Interest=

(c)Drawingsaremadeattheendofeachmonth

Interest=

9:AandBenteredintopartnershipon1stApril,2014withoutanypartnershipdeed.

TheyintroducedcapitalsofRs.5,00,000andRs.3,00,000respectively.On31stOctober,

2014,AadvancedRs.2,00,000bywayofloantothefirmwithoutanyagreementasto

interest.

TheProfitandLossAccountfortheyearended31-03-2015showedaprofitofRs.

4,30,000butthepartnerscouldnotagreeupontheamountofinterestonLoantobe

chargedandthebasisofdivisionofprofits.PassaJournalEntryforthedistributionof

theProfitsbetweenthepartnersandpreparetheCapitalA/csofboththepartnersand

LoanA/cof‘A’.

Solution:

ProfitandLossAppropriationAccount

Fortheyearendingon31stMarch,2015

Dr.Cr.

ToProfitstransferredto

CapitalA/cof:

A2,12,500

B2,12,500

ByProfitandLossA/c

NetProfits4,30,000

Less:Int.on

A’sLoan5,000

4,25,000 4,25,000

Partner’sCapitalA/cs

Dr.Cr.

Date Particulars ARs. BRs. Date Particulars ARs. BRs.

1.3.2015Tobalance

7,12,500 5,12,500 1.4.2014

31.3.2015

ByBankA/c

ByProfitand

appropriation

500000

2,12,500

300000

2,12,500

7,12,500 5,12,500 7,12,500 5,12,500

Journal

Dr.Cr.

Date Particulars LF. Debit(Rs.) Debit(Rs.)

31.3.2015

ProfitandLossAppropriationA/CDr.

ToA’sCapitalA/c

ToB’sCapitalA/c

(Beingprofitdistributedamongthe

partners)

4,25,0002,12,500

2,12,500

A’sLoanA/c

Dr.Cr.

Date ParticularsAmount

(Rs.)Date Particulars

Amount

March,31ToA’sCapitalc/d

2,05,0002014

Oct.,31

Mar.,31

ByBankA/c

Byintereston

LoanA/c

2,00,000

2,05,000 2,05,000

10:ManojSahilandDipankararepartnersinafirmsharingprofitandlossesequally.

ThehaveomittedinterestonCapital@10%perannumforthereyearsendedon31st

March,2015.TheirfixedCapitalonwhichinterestwastobecalculatedthroughout

ManojRs.3,00,000

SahilRs.2,00,000

DipankarRs.1,00,000

Givethenecessaryadustingjournalentrywithworkingnotes.

Solution:

BooksofManoj,SahilandDipankar

Journal

Date Particulars LF.Debit

31.3.2015

Dipankar’sCurrentA/cDr.

ToManoj’sCurrentA/c

(Beingadjustmententrypassed)

30,000 30,000

STATEMENTSHOWINGADJUSTMENT

Date Particulars(Rs.)Manoj

Dipankar

Amounttobegiven

-----InterestonCapital90,000 60,000 30,000

TotalA 90,000 60,000 30,000

Amountalreadygiventobetaken

backnow------):

----Profittakenbackfromthe

partnersintheirprofitsharingratio

------------160,000+30,000=1,80,000)

60,000 60,000 60,000

Effect(A-B)

30,000 Nil 30,000

Credit Debit

11:AandBarepartnersinafirmsharingprofitsandlossesintheinto3:2.The

followingwastheBalanceSheetofthefirmason31.3.2015.

BalanceSheet

Ason31-3-2015

Date ParticularsRs. Rs. Assets Rs.

31.3.2015

-------

60,000

20,000

80,000 SundryAssets 80,000

80,000 80,000

TheprofitsRs.30,000fortheyearended31-03-2015weredividedbetweenthepartner,

withoutallowinginterestoncapital@12%p.a.andsalarytoARs.1,000permonth.During

theyearAwithdrewRs10,000andBRs.20,000.

Passthenecessaryadjustmententryandshowyourworkingclearly.

Solution

BookofAandB

Journal

Date Particulars LF.Debit

31.3.2015

B’sCapitalA/cDr.

ToA’sCapitalA/c

(Beinginterestoncapitalandsalaryto

AnotCharged,nowrectified)

5,280 5,280

WorkingNotes:

1.CalculationofOpeningCapital:AsClosingBalanceSheetisgivensobeforecalculationof

interestopeningcapitalshouldbecalculated.

CapitalattheEnd

Add:Drawings

Less:Profitsduringtheyear

OpeningCapital

60,000

10,000

20,000

70,000

(18,000)

40,000

(12,000)

52,000 28,000

2.CalculationofNetEffect

STATEMENTSHOWINGADJUSTMENT

A.Amounttobegiven(credited)

InterestonCapital

(Notprovided)

SalarytoA

(Notprovided)

TotalA

B.Amountalreadygiventobetakenback

Now(Debited):

LosstothefirmduetoInterestonCapitalandSalAbe

debitedtothepartnersintheirprofitsharingratio

(Rs.18,240+3,360=21,600)

TotalB

NETENETEffect(A-B)

12,000

18,240

12,960

Credit

12:Ram,shyam&Mohanarepartnersinafirmsharingprofit&lossesintheratioof

2:1:2.TheirfixedcapitalswereRs.3,00,000,Rs.1,00,000anRs.2,00,000respectively.

Interestoncapitalfortheyearending31stMarch,201wascreditedtothem@9%p.a.

insteadof10%p.a.TheprofitsfortheyearbeforecharginginterestwasRs.2,50,000.

Preparenecessaryadjustmententry.

Solution:

Journal

Date Particulars L.F. A(Rs.) B(Rs.)

31.3.2015

Shyam’sCurrentA/cDr.

Mohan’sCurrentA/cDr.

ToRam’sCurrentA/c

(Forinterestlesschargedoncapital

nowrectified)

400600

WorkingNotes:

TableshowingAdjustment

(Rs.)Total

Interestalreadycredited@9%

Interestthatshouldhavebeencredited@

Partnerslesscredited

Debitprofitswhichwerereduced

ByRs.6,000inratioof2:1:2

27,000

30,000

10,000

18,000

20,000

54,000

60,000

Wheninterestchargedismore

13:A,B&Carepatternsinafirmsharingprofits&lossesinrationof2:3:5.Theirfixed

capitalswereRs.15,00,000,Rs.30,00,000&Rs.60,00,000reactively.Fortheyearended

31stMarch2015,interestwascredited12%intendof10%.Passthenecessary

adjustmententry.

Solution

Journal

Date Particulars L.F. A(Rs.) B(Rs.)

C’sCurrentA/cDr.

31.3.2015ToA’sCurrentA/c

ToB’sCurrentA/c

(Forinterestexcessivechargednow

rectified)

15,00012,000

WorkingNotes:

TableshowingAdjustment

(Rs.)Total

Interestalreadycredited@12%

Interestthatshouldhavebeen

credited@10%

Partnerslesscreditedwith

Byrecoveringthisinterestprofitswill

beincreasedbyRs.2,10,000&divided

in2:3:5

NetEffect

1,80,000

1,50,000

3,60,000

3,00,000

7,20,00

6,00,000

12,60,00

10,50,000

30,000

42,000

60,000

63,000

1,20,000

1,05,000

2,10,000

12,000

15,000

14:AandBwerepartnersinafirmsharingprofitsandlossesintheratioof3:2.They

admitCfor1/6thshareinprofitsandguaranteedthathisshareofprofitswillnotbe

lessthenRs.25,000.Totalprofitsofthefirmfortheyearended1stMarch,2015wereRs.

90,000.Calculateshareofprofitsforeachpartnerwhen.

1.Guaranteeisgivenbyfirm.

2.GuaranteeisgivenbyA

3.GuaranteeisgivenbyAandBequally.

Solution:

Case1.WhenGuaranteeisgivenbyfirm.

Dr.Cr.

Particulars (Rs.) Particulars Rs.)

ToA’sCapitalA/c

(3/sofRs.65,000)

ToB’sCapitalA/c

(2/sofRs.65,000)

ToC’sCapitalA/c

(1/6ofRs.90,000or

Rs.25,000whicheverismore

39,000

26,000

25,000

ByProfitandLossA/c 90,000

90,000 90,000

Dr.Cr.

ToA’sCapitalA/c

(3/6ofRs.90,000)45,000

Less:Deficiency

BorneforC(10,000)

ToB’sCapitalA/c

(2/6ofRs.90,000)

ToC’sCapitalA/c

(1/6ofRs.90,000)15,000

Add:Deficiency

RecoverformA10,000

35,000

30,000

ByProfitandLossA/c

(NetProfits)90,000

90,000 90,000

Cose:3.WhenGuaranteeisgivenbyA&Bequally.

Dr.Cr.

ToA’sCapitalA/c

(3/6ofRs.90,000)45,000

Less:DeficiencyBorneforC

(1/2ofRs.10,000)5,000

ToB’sCapitalA/c

(2/6ofRs.90,000)30,000

Less:DeficiencyBorneforC

(1/2ofRs.10,000)5,000

ToC’sCapitalA/c

(1/6ofRs.90,000)15,000

Add:Deficiency

RecoverformA5,000

DeficiencyRecoveredFromB5,000

40,000

25,000

ByProfitandLossA/c

(NetProfits)90,000

90,000 90,000

CBSE Class 12 Accountancy Important Questions · 2020. 4. 18. · Interest on drawing = = Rs. 3,000...

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