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    Delhi Public School Indirapuram, Ghaziabad Assignment-Fundamental (Partnership)

    Uploaded by

    Monster Queen
    This document is an accounting assignment for Class 12 students. It contains 10 questions related to partnership fundamentals. Some key details: - Question 1 asks about the validity of a partner claiming interest on a loan to the firm when there is no partnership deed. - Question 2 asks about the rate of interest on capital when there are losses instead of profits in a year. - Question 3 provides profit information and asks for a journal entry to transfer profit to general reserve. The assignment covers various topics related to partnerships including accounting entries, treatment of interest and salaries, resolving issues between partners, and determining opening capital balances. Students are instructed to show working, use proper formats, and avoid deductions for incorrect narration.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Delhi Public School Indirapuram, Ghaziabad Assignment-Fundamental (Partnership)

    Uploaded by

    Monster Queen
    18 views2 pages
    This document is an accounting assignment for Class 12 students. It contains 10 questions related to partnership fundamentals. Some key details: - Question 1 asks about the validity of a partner claiming interest on a loan to the firm when there is no partnership deed. - Question 2 asks about the rate of interest on capital when there are losses instead of profits in a year. - Question 3 provides profit information and asks for a journal entry to transfer profit to general reserve. The assignment covers various topics related to partnerships including accounting entries, treatment of interest and salaries, resolving issues between partners, and determining opening capital balances. Students are instructed to show working, use proper formats, and avoid deductions for incorrect narration.

    Original Title

    ASSIGNMENT_FUNDAMENTALS_ (2)

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    This document is an accounting assignment for Class 12 students. It contains 10 questions related to partnership fundamentals. Some key details: - Question 1 asks about the validity of a partner claiming interest on a loan to the firm when there is no partnership deed. - Question 2 asks about the rate of interest on capital when there are losses instead of profits in a year. - Question 3 provides profit information and asks for a journal entry to transfer profit to general reserve. The assignment covers various topics related to partnerships including accounting entries, treatment of interest and salaries, resolving issues between partners, and determining opening capital balances. Students are instructed to show working, use proper formats, and avoid deductions for incorrect narration.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    18 views2 pages

    Delhi Public School Indirapuram, Ghaziabad Assignment-Fundamental (Partnership)

    Uploaded by

    Monster Queen
    This document is an accounting assignment for Class 12 students. It contains 10 questions related to partnership fundamentals. Some key details: - Question 1 asks about the validity of a partner claiming interest on a loan to the firm when there is no partnership deed. - Question 2 asks about the rate of interest on capital when there are losses instead of profits in a year. - Question 3 provides profit information and asks for a journal entry to transfer profit to general reserve. The assignment covers various topics related to partnerships including accounting entries, treatment of interest and salaries, resolving issues between partners, and determining opening capital balances. Students are instructed to show working, use proper formats, and avoid deductions for incorrect narration.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    DELHI PUBLIC SCHOOL INDIRAPURAM, GHAZIABAD

    ASSIGNMENT-FUNDAMENTAL (PARTNERSHIP)
    CLASS – XII
    Time: M. M. 10 ACCOUNTANCY No. of Q.: No. of
    25mints. 20 Pages : 2
    Name Roll No.
    General Instructions :
    ⮚ Attempt all the parts of a question together.

    ⮚ Marks are indicated against the question.

    ⮚ 25% marks will be deducted for not preparing proper format and writing narration.

    1 Chander and Suman are partners in a firm without a partnership deed. [1]
    Chandra’s capital is Rs.10,000 and Suman’s capital is Rs.14,000.
    Chandra has advanced a loan of Rs.5000 and claims interest at 12% per
    annum on it. State with reason whether his claim is valid or not..
    .
    2. A partnership deed provides for the payment of interest on capital but there was [1]
    a loss instead of profits during the year 2020–21. At what rate will interest on
    capital be allowed?
    3. The firm XYZ earned a profit of Rs.2,75,000 during the year ended 31 March (1)
    2021. 10% of this profit was to be transferred to general reserve. Pass
    necessary journal entry for the same.
    4 Write the difference between charge against profit and appropriation of profit (1)
    on the basis of RECORDING.
    5 Amit and CHARU are partners in the firm sharing profits equally . the firm
    has loan to the CHARU of Rs.50,000 at the rate of 6% pa. Pass necessary
    journal entry/ entries for the same.
    6 Kamal and Bimla are partners sharing profits equally. Vimal has given his [1]
    property on rent to the firm on first April 21 at monthly rent of Rs.5000. The
    firm has paid a rent from April 21 February 22 by issuing a cheque on first
    March 22. Rent for the month of March was still payable
    . Pass journal entries for the above transactions.
    7 Mohit and Rohit are partners in a firm. As per the partnership deed, Mohit is to (1)
    get salary of Rs.30,000 per month and commission of 10% of net profit before
    charging any commission. Rohit is to get a salary of 50,000 per annum and a
    commission of 8% of the net profit after charging the commission. Calculate
    the commission of Mohit and rohit.

    8 Write any one liabilities of the partners (1)

    9.(a) Amar, Lalit and CHARU are partners in a firm and they do not have a (1)
    partnership deed. Lalit wants to introduce his son Gomu as a partner. CHARU
    object to his proposal. Lalit also says that he devotes more time in handling the
    business and demands the salariy of Rs.5000 per month. But Amar and
    CHARU do not agree with him.
    How will be the above issues resolved?

    (b) Write any two items which can be debited to profit and loss appropriation (1)
    account.
    10 How to determine opening capital under fixed capital method when closing (1)
    capital are given for calculation of interest on capital

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