1. HERMANN GMEINER SCHOOL, FARIDABAD
SUBJECT – ACCOUNTANCY (055)
CLASS- XII
CHAPTER- FUNDAMENTALS OF PARTNERSHIP
WORKSHEETNO. – 2
ANSWER THE FOLLOWING QUESTIONS:
1. Distinguish between ‘fixed method of capital account’ and ‘ fluctuating method of
capital account’.
2. Draw the format of profit and loss appropriation account.
3. What are the methods of calculating interest on drawings ? Write all the formulas of
calculating interest on drawings.
4. Prepare capital accounts of partners Sohan and Mohan from the following
information, if their capitals are fluctuating:
Sohan (Rs.) Mohan (Rs.)
Capitals on 1st April 2019 400000 300000
Drawings during the year ended 31st
March 2020
50000 30000
Interest on capital 5%p.a. 5%.a.
Interest on drawings 1250 750
Share of profit of the year ended 31st
March 2020
60000 50000
Partners salary 36000 …..
Commission 5000 3000
5. X and Y are partners sharing profits and losses in the ratio of 7:3. Their capital
accounts as at April, 2019 stood at – Rs. 5,00,000 ; Rs. 4, 00,000. Partners are
allowed interest on capital @ 5% p. a. Drawing of partners during the year ended
31st march 2020 were Rs. 72,000 and 50,000 respectively. Profit of the year before
allowing interest on capital and salary to Y @ 5,000 per month was Rs. 8,00,000 .
10% of the net profit is to be set aside as general reserve.
2. Prepare profit and loss appropriation account for the year ended 31st arch 2020, and capital
and current accounts of the partners
