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Accounts worksheet no. 4
- 1. HERMANN GMEINER SCHOOL, FARIDABAD SUBJECT – ACCOUNTANCY CLASS- XII CHAPTER- ACCOUNTING FORPARTNERSHIP FIRMS WORKSHEETNO. – 4 1. Kanika and Gautam are partners doing a dry cleaning business in Lucknow , sharing profits in the ratio of 2:1 with capitals of Rs. 5,00,000and Rs. 4,00,000 respectively, Kanika withdrew the following amounts during the year to pay the Hostel expenses of her son 1st April Rs.10,000 1st June Rs. 9000 1st November Rs. 14,000 1st December Rs. 5,000 Gautam withdrew Rs. 15,000 on the firstday of April, July, October and January to pay for the accommodation of his family. He also Rs. 20,000 per month as the rent for the office for partnership which was nearby in the shopping complex. Calculate interest on drawings @6% p.a 2. A, B and C were partners in a firm having capitals of Rs. 50,000;Rs. 50,000 and 1,00,000respectively. Their currentaccount balance wereA: Rs. 10,000; B: Rs. 5,000; C: Rs. 2,000(Dr.). According to the partnership deed the partners wereentitled to an interest on capital @ 10% p.a. C being the working partner was also entitled to a salary of Rs. 12,000 p.a. The profits were to be divided as: (a). The firstRs. 20,000 in proportion to their capitals
- 2. (b). Next Rs. 30,000 in ratio of 5:3:2 (c). Remaining profits to be shared equally The firm earned net profitof Rs. 1,72,000 beforechanging any above items Preparea profit and loss appropriation accountand pass necessary journalentries for the appropriation of profits. 3. P and Q were partners in a firm sharing profits and losses equally. Their fixed capitals wereRs. 2,00,000 and Rs,. 3,00,000respectively. The partnership deed provided for interest on capital @ 12% p.a. For the year ended 31st March 2016, profits of the firm were distributed without providing interest on capital. Pass necessary adjustmententry to rectify the error. 4. A,B and C werein partnership sharing profits and losses in the ratio of 4:2:1. Itwas provided that C’s sharein profit for a year would not be less then Rs. 75,000. Profitfor theyear ended 31st March 2020 amounted to Rs. 3,15,000. You arerequired to show the appropriation among the partners. The profitand loss appropriation is required.