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
4,200
17,000
7,000
ByProfitandLossA/c
(NetProfits)29,400
Less:Interest
OnRadha’sloan1,200
28,200
28,200 28,200
Whenappropriationaremorethanavailableprofits
Insuchcaseavailableprofitsaredistributedintheratioofappropriation.
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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
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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.)
Sumit
(Rs.)Particulars
Amit
(Rs.)
Sumit
(Rs.)
ToDrawingA/c
ToBalancec/d
4,000
52,400
8,000
22,500
ByBalanceA/c(Capital)
BySalaryA/c
ByInterestoncapitalA/c
ByProfitandLoss
AppropriationA/c
40,000
6,000
2,400
8,000
25,000
1,500
4,000
56,400 30,500 56,400 30,500
WhencapitalareFixedCapitalaccounts
Dr.Cr.
ParticularsAmit
(Rs.)
Sumit
(Rs.)Particulars
Amit
(Rs.)
Sumit
(Rs.)
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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.)
Sumit
(Rs.)Particulars
Amit
(Rs.)
Sumit
(Rs.)
ToDrawingA/c
ToBalancec/d
4,000
12,400
8,000
-
BySalaryA/c
ByInterestoncapitalA/c
ByProfitandLoss
AppropriationA/c
ToBalancec/d
(ClosingBalance)
40,000
2,400
8,000
1,500
4,000
2,500
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¤t
Account.
Onlyoneaccountis
maintainedforeachpartner,
i.e.,capitalAccount.
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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)
1,500
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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.
Particulars (Rs.) Particulars (Rs.)
ToInterestonCapital 1800
ByProfitbeforeInterest
ByLosstransferredtoCapital1,500
300
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X1200
Y600
A/cs
X120
Y180
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%
p.a.
Solution
Statementshowingcalculationofopeningcapitals
Particulars A(Rs.) B(Rs.)
ClosingCapital
48,000
8000
36,000
12,000
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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
5,000
10,000
15,000
PartnershipDeedprovidedthatpartnersaretobechargedinterestondrawing@12%
p.a.CalculatetheinterestchargeabletoAarushiDrawingbyusingSimpleInterest
MethodandProductMethod.
Solution:
1.SimpleInterestMethod
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DateofDrawing Amount(Rs.) MonthstillMarch
31,2014
Interest@12%
pm(Rs.)
01-08-2015
31-12-2014
31-03-2015
5,000
10,000
15,000
08
03
00
400
300
000
700
BeforecharginginterestoncapitaltheyearwereRs.32,000.CalculateInterestonpartners’
capitals@10%p.a.
Solution:
Statementshowingcalculationofopeningcapitals
Particulars A(Rs.) B(Rs.)
ClosingCapital
Add:Drawingsalreadycredited
Less:Profitsalreadycredited
Openingcapitalsorcapitalsinthebeginning
InterestonCapital@10%p.a.
48,000
8000
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
MaterialdownloadedfrommyCBSEguide.com. 10/22
DateofDrawingAmountof
Drawings(Rs.)
MonthsforwhichAmounthas
WithdrawntillDecember31,
2014
Product
(Rs.)
01-08-2015
31-12-2014
31-03-2015
5,000
10,000
15,000
08
03
00
40,00
30,00
00000
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=
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=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
when
(a)Drawingsaremadeinthebeginningofeachperiod(half-year)
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Interestondrawing=
(b)Drawingsaremadeinthemiddleofeachperiod(halfyear)
Interestondrawing=
(c)Drawingsaremadeattheendofeachperiod(halfyear)
Interestondrawing=
Formonthlydrawingsfor6months(Last6months)
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.
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TheProfitandLossAccountfortheyearended31-03-2015showedaprofitofRs.
4,30,000butthepartnerscouldnotagreeupontheamountofinterestonLoantobe
chargedandthebasisofdivisionofprofits.PassaJournalEntryforthedistributionof
theProfitsbetweenthepartnersandpreparetheCapitalA/csofboththepartnersand
LoanA/cof‘A’.
Solution:
ProfitandLossAppropriationAccount
Fortheyearendingon31stMarch,2015
Dr.Cr.
Particulars (Rs.) Particulars (Rs.)
ToProfitstransferredto
CapitalA/cof:
A2,12,500
B2,12,500
ByProfitandLossA/c
NetProfits4,30,000
Less:Int.on
A’sLoan5,000
1,500
4,25,000 4,25,000
Partner’sCapitalA/cs
Dr.Cr.
Date Particulars ARs. BRs. Date Particulars ARs. BRs.
1.3.2015Tobalance
c/d
7,12,500 5,12,500 1.4.2014
31.3.2015
ByBankA/c
ByProfitand
Loss
appropriation
A/c
500000
2,12,500
300000
2,12,500
7,12,500 5,12,500 7,12,500 5,12,500
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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
(Rs.)
2015
March,31ToA’sCapitalc/d
2,05,0002014
Oct.,31
2015
Mar.,31
ByBankA/c
Byintereston
LoanA/c
2,00,000
5,000
2,05,000 2,05,000
10:ManojSahilandDipankararepartnersinafirmsharingprofitandlossesequally.
ThehaveomittedinterestonCapital@10%perannumforthereyearsendedon31st
March,2015.TheirfixedCapitalonwhichinterestwastobecalculatedthroughout
were:
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ManojRs.3,00,000
SahilRs.2,00,000
DipankarRs.1,00,000
Givethenecessaryadustingjournalentrywithworkingnotes.
Solution:
BooksofManoj,SahilandDipankar
Journal
Date Particulars LF.Debit
(Rs.)
Debit
(Rs.)
31.3.2015
Dipankar’sCurrentA/cDr.
ToManoj’sCurrentA/c
(Beingadjustmententrypassed)
30,000 30,000
STATEMENTSHOWINGADJUSTMENT
Date Particulars(Rs.)Manoj
(Rs.)
Sahil
(Rs.)
Dipankar
(Rs.)
Amounttobegiven
-----InterestonCapital90,000 60,000 30,000
TotalA 90,000 60,000 30,000
Amountalreadygiventobetaken
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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
MaterialdownloadedfrommyCBSEguide.com. 17/22
Journal
Date Particulars LF.Debit
(Rs.)
Debit
(Rs.)
31.3.2015
B’sCapitalA/cDr.
ToA’sCapitalA/c
(Beinginterestoncapitalandsalaryto
AnotCharged,nowrectified)
5,280 5,280
WorkingNotes:
1.CalculationofOpeningCapital:AsClosingBalanceSheetisgivensobeforecalculationof
interestopeningcapitalshouldbecalculated.
Particulars A(Rs.) B(Rs.)
CapitalattheEnd
Add:Drawings
Less:Profitsduringtheyear
OpeningCapital
60,000
10,000
20,000
20,000
70,000
(18,000)
40,000
(12,000)
52,000 28,000
2.CalculationofNetEffect
STATEMENTSHOWINGADJUSTMENT
Particulars A(Rs.) B(Rs.)
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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)
5,280
12,000
5,280
-
3,360
18,240
12,960
12,960
8,640
8,640
5,280
Credit
5,280
Debit
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)
200
400600
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WorkingNotes:
TableshowingAdjustment
Ram
(Rs.)
Shyam
(Rs.)
Mohan
(Rs.)Total
Interestalreadycredited@9%
Interestthatshouldhavebeencredited@
10%
Partnerslesscredited
Debitprofitswhichwerereduced
ByRs.6,000inratioof2:1:2
27,000
30,000
9,000
10,000
18,000
20,000
54,000
60,000
3,000
2,400
1,000
1,200
2,000
2,400
6,000
6,000
600
Cr.
200
Dr.
400
Dr.
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.
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31.3.2015ToA’sCurrentA/c
ToB’sCurrentA/c
(Forinterestexcessivechargednow
rectified)
15,00012,000
3,000
WorkingNotes:
TableshowingAdjustment
A
(Rs.)
B
(Rs.)
C
(Rs.)Total
Interestalreadycredited@12%
Interestthatshouldhavebeen
credited@10%
Partnerslesscreditedwith
Byrecoveringthisinterestprofitswill
beincreasedbyRs.2,10,000÷d
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
2,10,000
12,000
Cr.
3,000
Cr.
15,000
Dr.
__
__
14:AandBwerepartnersinafirmsharingprofitsandlossesintheratioof3:2.They
admitCfor1/6thshareinprofitsandguaranteedthathisshareofprofitswillnotbe
lessthenRs.25,000.Totalprofitsofthefirmfortheyearended1stMarch,2015wereRs.
90,000.Calculateshareofprofitsforeachpartnerwhen.
1.Guaranteeisgivenbyfirm.
2.GuaranteeisgivenbyA
3.GuaranteeisgivenbyAandBequally.
Solution:
MaterialdownloadedfrommyCBSEguide.com. 21/22
Case1.WhenGuaranteeisgivenbyfirm.
ProfitandLossAppropriationAccount
Fortheyearendingon31stMarch,2015
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
ProfitandLossAppropriationAccount
Fortheyearendingon31stMarch,2015
Dr.Cr.
Particulars (Rs.) Particulars Rs.)
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
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90,000 90,000
Cose:3.WhenGuaranteeisgivenbyA&Bequally.
ProfitandLossAppropriationAccount
Fortheyearendingon31stMarch,2015
Dr.Cr.
Particulars (Rs.) Particulars Rs.)
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
25,000
ByProfitandLossA/c
(NetProfits)90,000
90,000 90,000