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CHAPTER 1 FUNDAMENTAL OF PARTNERSHIP FIRM Assignment 1

The document contains an assignment for Class XII Accountancy focusing on the fundamentals of partnership firms. It includes various questions related to profit sharing, capital contributions, and the preparation of financial statements for partnerships. The assignment covers topics such as partnership deeds, profit distribution, and journal entries for partnership accounts.

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Zakia Qureshi
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61 views2 pages

CHAPTER 1 FUNDAMENTAL OF PARTNERSHIP FIRM Assignment 1

The document contains an assignment for Class XII Accountancy focusing on the fundamentals of partnership firms. It includes various questions related to profit sharing, capital contributions, and the preparation of financial statements for partnerships. The assignment covers topics such as partnership deeds, profit distribution, and journal entries for partnership accounts.

Uploaded by

Zakia Qureshi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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AMITY INTERNATIONAL SCHOOL VASUNDHARA

ACCOUNTANCY: CLASS XII


CHAPTER: 1 – FUNDAMENTAL OF PARTNERSHIP FIRM
ASSIGNMENT
Q1 In the absence of partnership deed partner share profit and loss in …………….
a) Ratio of Capital Employed b) Agreed Ratio c) 2:1 d) 1:2
Q2 A, B, and C are partner’s sharing profits in the ratio of 5:3:2. According to the partnership agreement C
is to get a minimum amount of ₹ 10,000 as his share of profits every year. The net profit for the year
ended 31st March, 2019 amounted to ₹ 40,000. How much amount contributed by A?
a) ₹ 1,350 b) ₹ 1,250 c) ₹ 750 d) ₹ 1,225
Q3 The relation of the partner with the firm is that of :
a) An owner b) An agent and A Principal c) An agent d) Manager
Q4 Assertion(A): Both purchase and shelf generated goodwill are accounted in the books of account
Reason(R): According to AS-26 only purchase goodwill is accounted in the books of account. Shelf
generated goodwill is not accounted in the books of account.
a) Both A and R are true and R is the Correct explanation of A
b) Both A and R are true and R is not the correct explanation of A
c) A is true but R is false
d) A is false but R is true
Q5 Assertion (A): A Firm should have a Partnership Deed.
Reason (R): In case of dispute or any misunderstanding among partners , partnership deed acts as an
evidence in the court of law.
(a) Both A and R are true and R is the Correct explanation of A
(b) Both A and R are true and R is not the correct explanation of A
(c) A is true but R is false
(d) Both A and R are false
Q6 Karam Singh and Suleman decided to start a partnership firm. They contributed capitals of ₹ 2,00,000
and ₹ 1,00,000 respectively. On 1st April, 2019. Suleman expressed his willingness to admit Inderjeet,
a very creative and intelligent person, as a partner without capital in the firm. Karam Singh agreed to
this. It was decided that Karam Singh, Suleman and Inderjeet will share profits in the ratio of 2: 2: 1.
Interest on capital will be provided @6% p.a. Due to shortage of capital, Karam Singh introduced ₹
50,000 on 30th September, 2016 and Suleman contributed ₹ 20,000 on 1st January 2020 as additional
capital. The profit of the firm for the year ended 31st March, 2020 was 2,00,300. Prepare profit and
Loss Appropriation Account
Q7 Raj and Suri are partners in a firm sharing profits equally. Their capitals as on April 1, 2019 were ₹
2,50,000 and ₹ 1,50,000 respectively. On July 1, 2019. They decided that their capitals should be
2,00,000 each. The necessary adjustment in the capitals were made by introducing or withdrawing cash
by the partners. Interest on capital is allowed @8% p.a. Pass the necessary Journal Entries on July 1,
2019 and compute interest on partner's capitals for the year ending March 31,2020.
Q8 Pinki. Deepti and Kaku are partner's sharing profits in the ratio of 5:4:1. Kaku is given a guarantee that
his share of profits in any given year would not be less than ₹ 5,000. Deficiency, if any, would be borne
by Pinki and Deepti equally. Profits for the year amounted to ₹ 40,000. Record necessary journal
entries in the books of the firm showing the distribution of profit.
Q9 Ajit, Choudhary and Vishal set up a partnership firm on January 1, 2020. They contributed
₹ 50,000, ₹ 40,000 and ₹ 30,000 respectively as their capitals and decided to share profits in the ratio
of 3: 2: 1. The partnership deed provided that Ajit is to be paid a salary of ₹ 1,000 p.m. and Choudhary
a commission of ₹ 5,000. It also provided that interest on capital be allowed @ 6% p.a. The drawings
for the year were: Ajit ₹ 6,000, Choudhary ₹ 4,000 and Vishal ₹ 2,000. Interest on drawings ₹ 270 on
Ajit's drawings, ₹ 180 on Choudhary's drawings and ₹ 90 on Vishal's drawings. The net amount of
profit as per the profit and loss account for the year ended 2020 was You are required to record the
necessary journal entries relating to appropriation

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