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Accounts Test Xii

This document contains 4 multiple choice questions from an Accounts test on the topic of Profit & Loss Appropriation Account. Question 1 asks to calculate interest on drawings for a partnership. Question 2 provides financial information for a 3 person partnership and asks to prepare a Profit & Loss Appropriation Account. Question 3 asks to calculate commission payable to one partner based on a percentage of net profits. Question 4 provides additional financial information for a 2 person partnership and asks to prepare a Profit & Loss Appropriation Account and Partner's Capital Accounts.

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Poonam Singh
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161 views

Accounts Test Xii

This document contains 4 multiple choice questions from an Accounts test on the topic of Profit & Loss Appropriation Account. Question 1 asks to calculate interest on drawings for a partnership. Question 2 provides financial information for a 3 person partnership and asks to prepare a Profit & Loss Appropriation Account. Question 3 asks to calculate commission payable to one partner based on a percentage of net profits. Question 4 provides additional financial information for a 2 person partnership and asks to prepare a Profit & Loss Appropriation Account and Partner's Capital Accounts.

Uploaded by

Poonam Singh
Copyright
© © All Rights Reserved
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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Class XII Accounts test

MM:20

P&L Appropriation Account


Q1. A and B are partners in a firm sharing profits equally. A drew regularly Rs.
4,000 in the beginning of every month for six months ended 30 th September
2013. Calculate the amount of interest on drawings @5% p.a.
(3)
Q2. A, B and C were partners in a firm having capital of Rs.50,000 and Rs.
1,00,000 respectively. Their current account balances were A: Rs. 10,000, B: Rs.
5,000 and C: Rs. 2000 (Dr.). According to the partnership deed the partners were
entitled to an Interest on Capital @10% p.a. C being the working partner was
also entitled to a salary of of Rs. 12,000 p.a. The profits were to be divided as:
(a) The first Rs.20,000 in the ratio of their capitals
(b) Next Rs.30,000 in the ratio of 5:3:2
(c) Remaining profit to be shared equally
The firm made a profit of Rs.1,72,000 before charging any of the above items.
Prepare Profit & Loss Appropriation Account.
(6)
Q3. X, Y and Z are partners sharing profits and losses equally. As per partnership
deed, Z is entitled to a commission of 10% on the net profit after charging such
commission. The net profit before charging commission is Rs.2,20,000.
Find out commission payable to Z.
(3)
Q4. Simran and Puneet are partners in a firm sharing profits and losses equally.
On 1st April, 2015, Capitals of the partners were: Simran- Rs.2,00,000 and
Puneet- Rs. 1,60,000. Profit & Loss account of the firm showed net profit of Rs.
3,75,000 (before interest on Puneets loan) for the year ended 31 st March,2016.
Considering following information prepare Profit & Loss Appropriation Account
and Partners Capital Accounts:
(i)
(ii)
(iii)
(iv)

Interest on Capital to be allowed @ 6%p.a.


Interest on Puneets loan for Rs.1,00,000 for the whole year
Interest on drawings of partners @6% p.a. Drawings being SimranRs.40,000 and Puneet Rs.30,000
Transfer 10% of the distributable profit to reserve
(8)

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