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Acc - Remedial 2

The document outlines various accounting exercises related to partnership firms, including the preparation of Profit and Loss Appropriation accounts for different scenarios involving partners A, B, C, X, Y, Z, P, Q, and R. It details the distribution of profits, salaries, commissions, interest on capital and drawings, as well as adjustments for guaranteed profits. The exercises require calculations based on provided financial data for the fiscal year ending March 31, 2024.

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56 views1 page

Acc - Remedial 2

The document outlines various accounting exercises related to partnership firms, including the preparation of Profit and Loss Appropriation accounts for different scenarios involving partners A, B, C, X, Y, Z, P, Q, and R. It details the distribution of profits, salaries, commissions, interest on capital and drawings, as well as adjustments for guaranteed profits. The exercises require calculations based on provided financial data for the fiscal year ending March 31, 2024.

Uploaded by

gamingsiddu00888
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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TECHNO INDIA GROUP PUBLIC SCHOOL, HOOGHLY

SESSION: 2024-25
REMEDIAL CLASS 2
SUB : ACCOUNTANCY
CLASS : XII

1. A ,B and C are partners in a firm sharing profits and losses in the ratio 5:3:2. Their
capitals as on 1st April 2023 were ₹ 5,20,000 and ₹ 3,20,000 and ₹ 2,00,000 respectively.
According to the partnership deed the partners were entitled to the following:
i) Interest on capital is to be allowed @ 5 % p.a.
ii) A and B each will get salary of ₹ 24,000 p.a.
iii) C will get a commission of 2% on net sales .
iv) Interest on drawings is to be charged @ 5% p.a.
v) 10 % of divisible profit is to be transferred to General Reserve.
Net sales for the year ended 31st March 2024 were ₹ 50,00,000.
Drawings by each of the partner during the year was ₹ 60,000.
Net profit for the year was ₹ 1,55,500.
Prepare Profit and Loss Appropriation account for the year ended 31st March 2024 .
2. A, B and C are partners in a firm. According to the partnership deed, the partners are
entitled to withdraw up to ₹ 7000 per month from the firm for personal use . On the first
day of every month A,B and C drew ₹ 7000, ₹ 6000 and ₹ 5000 respectively. On 1st
April 2023 balances of their capital accounts were ₹ 5,00,000, ₹ 4,00,000 and ₹ 3,50,000
respectively. Interest on capitals is to be allowed @ 8% p.a. and interest on drawings is to
be charged @ 10% p.a. Profit for the year ended 31st March 2024 was ₹ 7,55,000 out of
which ₹ 2,00,000 is to be transferred to general reserve. B and C are to get salary of ₹
30,000 and ₹45,000 p.a. respectively and A is to get Commission @ 10% on
distributable profits after charging such commission. Prepare Profit and loss
appropriation account for the year ended 31st March 2024 and capital accounts of the
partners in the books of the firm .

3. X,Y and Z are partners in a firm sharing profits and losses in the ratio 5:3:2.Their fixed
capitals were ₹ 3,00,000, ₹ 2,00,000 and ₹ 1,00,000 respectively. For the year ended 31st
March 2024 interest on capital was credited to them @10% p.a. instead of 8% p.a. Show
your working notes clearly, pass necessary adjustment journal entry.

4. P,Q and R are partners sharing profits in the ratio of 6:4:1. R is guaranteed a minimum
profit of ₹ 2,00,000. The firm incurred a loss of ₹ 22,00,000 for the year ended 31st
March,2020. Prepare Profit and Loss Appropriation account.

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