FUNDAMENTALS OF PARTNERSHIP Class 12th Accounts Revision Series Part -2

FUNDAMENTALS OF PARTNERSHIP Class 12th Accounts Revision Series Part -2 Session 2024-25

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Q. 1 P and Q were partners in a firm sharing profits equally. Their fixed capitals were ₹ 1,00,000 and₹50,000 respectively. The Partnership Deed provided for Interest on Capital at the rate of 10% per annum. For the year ended 31st March, 2016, profits of the firm were distributed without providing Interest on Capital.
Pass necessary adjustment entry to rectify the error.
(Delhi 2017)

Q. 2 Ananya, Bhavi and Chandni were partners in a firm with capitals of 3,00,000, ₹2,00,000 and *1,00,000 respectively.
According to the provisions of the partnership deed:

(i) Ananya and Chandni were each entitled to a monthly salary of ₹1,500.
(ii) Bhavi was entitled to salary of 4,000 per annum.

Profit for the year ended 31st March, 2022, ₹80,000 was divided among the partners in their profit-sharing ratio of 3: 3: 2 without providing for the above adjustments.
Pass the necessary adjustment entry to rectify the above omissions in the books of the firm. Show your working notes clearly.
(CBSE 2023)

Q.3 Monika, Bhoomika and Kamolika are partners sharing profits in the ratio of 6:4: 1. Kamolikais guaranteed minimum amount of 3,00,000 as her share in profits. The firm earned net profit
of 22,00,000 for the year ended 31st March, 2022.
Prepare Profit & Loss Appropriation Account of the firm for the year ended 31st March, 2022. (CBSE 2023)

Q. 4 Maanika, Bhavi and Komal are partners sharing profits in the ratio of 6:4: 1. Komal is guaranteed a minimum profit of 2,00,000. The firm incurred a loss of 22,00,000 for the year ended 31st March, 2018. Pass necessary Journal entry regarding deficiency borne by Maanika and Bhavi and prepare Profit & Loss Appropriation Account. (CBSE Sample Question Paper 2019)