Accountancy

1. HERMANN GMEINER SCHOOL, FARIDABAD
SUBJECT – ACCOUNTANCY (055)
CLASS- XII
CHAPTER- ACCOUNTING FOR PARTNERSHIP FIRMS
WORKSHEETNO. – 3
MULTIPLE CHOICEQUESTIONS:
1. When guarantee is giventoa partner by another partner, deficiency on
this guarantee will be borne by:
(a). all of the partners (b). partnershipfirm
(c). partner whogive the guarantee (d). none of the patners
2. Which of the following items will not be shown in profit and loss
appropriationaccount:
(a). interest oncapital (b). Commissiontoa partner
(c). interestondrawings (d). interestonpartner’s loan
3. In the absence of partnershipagreement, interestondrawings of a
partner is charged:
(a). @ 8% p.a. (b). @ 9% p.a.
(c). @12% p.a (d). no interest is charged
ANSWER THE FOLLOWING QUESTIONS:
4. P and Q are partners ina firmsharing profits equally. Their fixed
capital were Rs. 1,00,000 andRs. 50,000 respectively . The partnership

2. deedprovidedfor the interestoncapital the rate of 10% p.a.. For the
year ended31st
March,2016, the profits of the firmwere distributed
without providing interestoncapital.
Pass necessary adjustment entry torectify the error.
5. On 31st
march 2014, balances oncapital accounts of Eleen, Monu, and
Ahmedafter making adjustments for profits anddrawings were Rs.
1,60,000, Rs.1,20,000 andRs.80,000 respectively subsequently, it was
discoveredthat the interest ncapital and drawing Had beenomitted
i. Profit for the year ended31st
March 2014 was Rs. 40,000.
ii. During the year, Eleenand Monueach withdrew a total sumof
Rs. 24,000 inequal instalments inthe beginning of eachmonth
and Ahmed withdrew total sumof Rs. 48,000 inequal
instalments at the endof each month.
iii. The interest ondrawings was tobe charged @ 5% p.a. and
interest oncapital was to be allowed@10%p.a.
iv. The profit sharing ratioamong the partners is 2:1:1.
Showing your working notes clearly, pass the necessary rectifying
entries.