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Class 12 Commerce DPP 2

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42 views

Class 12 Commerce DPP 2

Uploaded by

gaurav.agrawal5717
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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VEDIC INTERNATIONAL SCHOOL

DPP QUESTIONS
CHAPTER – 1
PARTNERSHIP FUNDAMENTALS

Q1. Capital: A- 6,00,000; B- 2,00,000


Interest on capital @ 10% P.a.
Interest on Drawings: A- 6,000; B- 4,000
Salary: A- 70,000; B- 40,000
Partners Commission: A- 4000; B- 6,000
Net Profit: 3,00,000
PSR: 3:2
Required: Profit and Loss Appropriation A/c and Capital A/c (Fixed Method)

Q2. Capital: A- 7,00,000; B- 3,00,000


Interest on capital @ 10% P.a.
Interest on Drawings @ 10% P.a.
Salary: A- 5000 per month; B- 40,000
Drawings: A- 20,000, B- 30,000
Partner Commission: B- 10,000
Net Profit: 5,00,000
Required: Profit and Loss Appropriation A/c and Capital A/c

Q3. Capital: A- 1,00,000; B- 2,00,000


Interest on capital @ 6% P.a.
Interest on Drawings @ 10% P.a.
Drawings: A- 12,000, B- 8,000
Salary: A- 1,000 per month; B- 2,000
Partner Commission: A- 7000; B- 3,000
Manager Commission: 10,000
Interest on partners loan: 50,000
A’s rent: 10,000 per quarter
Net Profit: 6,00,000
Required: Profit and Loss Appropriation A/c and Capital A/c (Fixed Method)

Q4. Capital: A- 9,00,000; B- 6,00,000


Interest on capital @ 5% P.a.
Interest on Drawings @ 5% P.a.
Drawings: A- 25,000, B- 15,000
Salary: A- 7,000 per month; B- 5,000 per month
Partner Commission: A- 14000; B- 6,000
Manager Commission: 10% on net profit
A’s loan to firm: 1,00,000
B’s rent: 10,000 p.m.
Net Profit: 4,50,000
PSR: 3:2
Required: Profit and Loss Appropriation A/c and Capital A/c.

Q5. Capital: A- 4,00,000; B- 8,00,000


Interest on capital @ 10% P.a.
Salary: A- 30,000; B- 20,000
Manager Commission: 10% on net profit after charging his commission
st
A’s loan to firm: 1,00,000 on 1 October
B’s loan from firm: 2,30,000 @ 10% p.a.
Net Profit: 2,00,000
PSR: 2:3
Required: Profit and Loss Appropriation A/c
Q6. Capital: A- 10,00,000; B- 6,00,000
Interest on capital @ 8% P.a.
Partner Commission: A- 6% on sales; B- 10% on profit after charging interest on capitals,
salary and all commissions.
Salary: B- 10,000 per month
A’s Rent- 40,000 per month
Sales- 40,00,000
Net Profit: 15,20,000
Drawings- A- 80,000, B- 60,000
PSR: 6:4
Required: Profit and Loss Appropriation A/c and Capital A/c.

Q7. A, B and C are partners in the firm. Calculate interest on partners drawings @ 10% P.a.
for the year ended 31st March 2021 in each of the following cases.

a) If A withdrew ₹ 1,00,000 and B withdrew ₹ 2,00,000 respectively.


b) If Annual drawings of A is ₹ 1,00,000 and B ₹ 2,00,000.
c) If A withdrew ₹ 1,000 regularly at the beginning of each month, B withdrew ₹ 1,000 at the
middle of each month and C withdrew ₹ 1,000 at the end of each month.

d) If A withdrew ₹ 5,000 at the beginning of each quarter, B withdrew ₹ 4,000 at the middle of
each quarter and C withdrew ₹ 3,000 at the end of each quarter.

e) If A withdrew ₹ 1,000 regularly at the beginning of each month from 1st April for 6 months.
f) If B withdrew ₹ 2,000 regularly at the middle of each month from 1st July for 6 months.
g) If C withdrew ₹ 3,000 regularly at the end of each month from 1st Oct for 6 months.

st
Q8. A is partner in a firm and he withdrew ₹9,000; ₹22,500; ₹9,000 and ₹10,500 on 1 May,
th st st
30 June, 31 October and 31 December respectively. Charge interest on A’s drawings for
the year ended 31st March, 2020 if interest on drawings is charged @ 10% P.a.

Q9. Capital: A- 1,00,000; B- 2,00,000


IOC- 10% p.a.
Show treatment in Profit and Loss Appropriation Account in following cases:

a) When partnership deed is silent about the payment of interest on capital and profit of the firm
is ₹ 60,000.

b) If the profit of the firm is ₹ 50,000 for the year ended 31st March, 2020.
c) If the profit of the firm is ₹ 20,000 for the year ended 31st March, 2020.
d) If the profit of the firm is ₹ 20,000 for the year ended 31st March, 2020 and interest on
capital is treated as a charge.

e) If there is loss of ₹ 30,000 for the year ended 31st March, 2020.

Q10. Capital: A- 2,00,000; B- 3,00,000


st
Additional capital: A- 50,000 on 1 July,2020
st
Capital Withdrawal: B- 50,000 0n 1 July,2020
Required: Interest on capital

st
Q11. Capital: A- 2,50,000; B- 1,25,000 on 31 March,2020
PSR: Equal
Transactions between 2019-20
Drawings: A- 32000; B- 15,000
Profit: 40,000
st
Additional capital: B- 25,000 on 1 October,2020
Required: Interest on capital if charged @10% p.a.

Q12. Capital: A- 16,00,000; B- 8,00,000: C- 6,00,000


IOC @ 16% p.a. omitted to recorded
PSR: 2:1:1
Required: Adjustment Entry.

Q13. Capital (Fixed): A- 16,00,000; B- 8,00,000: C- 6,00,000


IOC @ 16% p.a. but by mistake provided 20% p.a.
PSR: 2:1:1
Required: Adjustment Entry.

Q14. Capital (Fixed): A- 8,00,000; B- 4,00,000: C- 3,00,000


IOC @ 8% p.a. but by mistake provided 6% p.a.
PSR: 2:1:1
Required: Adjustment Entry.

Q15. Interest on drawings: A- 16,000; B- 12,000: C- 8,000


Interest on drawings not taken into consideration
PSR: 5:3:2
Required: Adjustment Entry.

Q16. Drawings: A- 40,000; B- 48,000; C- 88,000


Interest on drawings @ 12% p.a. omitted to charged
PSR: 6:2:2
Required: Adjustment Entry.
Q17. Capital (Fixed): A- 18,00,000; B- 8,00,000
IOC @ 10% p.a.
Salary: A- 60,000; B- 5,000 per month
PSR: 6:4
Profit: 6,00,000
Partners divided the profit without providing provisions of deed
Required: Adjustment Entry.

Q18. Capital: A- 8,00,000; B- 4,00,000


IOC @ 12% p.a.
IOD: A- 24,000; B- 20,000
Commission: A- 40,000
Salary: A- 1,00,000
PSR: Capital Ratio
Profit: 6,00,000
Partners divided the profit without providing provisions of deed
Required: Adjustment Entry.

Q19. Capital: A- 8,00,000; B- 4,00,000


IOC @ 12% p.a.
IOD: A- 24,000; B- 20,000
Commission: A- 40,000
Salary: A- 1,00,000
PSR: Capital Ratio
Profit: 6,00,000
Partners divided the profit equally without providing provisions of deed
Required: Adjustment Entry.

Q20. Profit: 2,04,000


PSR: 5:3:2
Guarantee given to C: 50,000
Required: Show the appropriation of profit

Q21. Profit: 2,04,000


PSR: 5:3:2
Guarantee given to C: 50,000
Guarantee Amount to be borne equally
Required: Show the appropriation of profit

Q22. Capital: A- 8,00,000; B- 6,00,000; C- 4,00,000


IOC @ 8% p.a.
PSR: 3:2:1
Profit: 5,04,000
Guarantee given by A to C: 1,00,000

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