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    Acc-Ch1 Extra Qns

    Uploaded by

    Zainab Farook

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

    Acc-Ch1 Extra Qns

    Uploaded by

    Zainab Farook
    11 views1 page

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    Acc-Ch1 extra qns

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    Copyright:

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    11 views1 page

    Acc-Ch1 Extra Qns

    Uploaded by

    Zainab Farook

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    1. List the provisions affecting accounting treatment in the absence of partnership deed.

    2. Bat and Ball are partners sharing the profits in the ratio of 2:3 with capitals of ₹ 1,20,000
    and 60,000 respectively. On 1st October, 2023, Bat and Ball gave loans of ₹ 2,40,000
    and ₹ 1,20,000 respectively to the firm. Bat had allowed the firm to use his property for
    business for a monthly rent of 5,000. Loss for the year ended 31st March, 2024 before
    rent and interest amounted to 9,000. Show distribution of profit/loss.
    3. Bhanu and Partab are partners sharings profits equally. Their fixed capitals as on 1st
    April, 2018 are ₹ 8,00,000 and ₹ 10,00,000 respectively. Their drawings during the year
    were ₹ 50,000 and ₹ 1,00,000 respectively. Interest on Capital is a charge and is to be
    allowed @ 10% p.a. and interest on drawings is to be charged @ 15% p.a. Net Profit for
    the year ended 31st March, 2019 was ₹ 1,20,000.Prepare Profit and Loss Appropriation
    Account.
    4. Amit and Bramit started business on 1st April, 2018 with capitals of ₹ 15,00,000 and ₹
    9,00,000 respectively. On 1st October, 2018, they decided that their capitals should be ₹
    12,00,000 each. The necessary adjustments in capitals were made by introducing or
    withdrawing by cheque. Interest on capital is allowed @ 8% p.a. Compute interest on
    capital for the year ended 31st March, 2019.
    5. A, B and C are partners. During the year ended 31st March, 2023, each of the partners
    withdrew Rs. 10,000 regularly. A withdrew in the beginning of the first 6 months of the
    year, B withdrew in the middle of the month for the first 6 months of the year and C
    withdrew at the end of the month for the first 6 months. Calculate interest on drawings @
    6% p.a. for the year ended 31st March, 2023.
    6. Amit, Binita and Charu are three partners. On 1st April, 2017, their Capitals stood as:
    Amit ₹ 1,00,000, Binita ₹ 2,00,000 and Charu ₹ 3,00,000. It was decided that:
    (a) they would receive interest on Capital @ 5% p.a.,
    (b) Amit would get a salary of ₹ 10,000 per month,
    (c) Binita would receive commission @ 5% of net profit after deduction of commission,
    and
    (d) 10% of the net profit would be transferred to the General Reserve.
    Before the above items were taken into account, the profit for the year ended 31st
    March, 2018 was ₹ 5,00,000. Prepare Profit and Loss Appropriation Account and the
    Capital Accounts of the partners.
    7. On 31st March, 2019, the balance in the Capital Accounts of Asha, Nisha and Disha
    after making adjustments for profits and drawings were₹1,50,000, ₹1,20,000 and 90,000
    respectively Subsequently, it was discovered that interest on capital and interest on
    drawings had been omitted.The partners were entitled to interest on capital @ 10% p.a.
    Interest on drawings was also to be charged @ 10% p.a. The drawings during the year
    were: Asha 50,000, Nisha ₹60,000 and Disha 30,000. The net profit for the year ending
    31st March, 2019 amounted to ₹ 1,00,000. The profit-sharing ratio was 2:2:1.
    Pass the necessary adjustment entry. Also show your workings clearly.

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