ACCOUNTANCY MONTHLY TEST - APRIL 2014

KENDRIYA VIDYALAYA NO.2 NAUSENABAUGH VISAKHAPATNAM

MONTHLY TEST: APRIL 2014

CLASS XII COMMERCE

SUBJECT: ACCOUNTANCY

MAX.MARKS:25                                               TIME: 1 HOUR

1.   Saloni and Srishti are partners in a firm. Their capital accounts as on April 01. 2005 showed a balance of Rs. 2, 00,000 and Rs. 3, 00,000 respectively. On July 01, 2005, Saloni introduced additional capital of Rs. 50,000 and Srishti, Rs. 60,000. On October 01 Saloni withdrew Rs.30,000, and on January 01, 2005 Srishti withdraw, Rs. 15,000 from their capitals. Interest is allowed @ 8% p.a. Calculate interest payable on capital to both the partners during the financial year 2005–2006.  (3 M)

2. Shahnaz withdrew the following amounts from her firm, for personal use during the year ending March 31, 2006. Calculate interest on drawings by product method, if the rate of interest to be charged is 7 per cent per annum. (4 M)

Date	Amount (Rs.)
April 1, 2005 June 30, 2005 October 31, 2005 December 31, 2005 March 1, 2006	16,000 15,000 10,000 14,000 11,000

3. Amit, Babu and Charu set up a partnership firm on April 1, 2006. They contributed Rs. 50,000, Rs. 40,000 and Rs. 30,000, respectively as their capitals and agreed to share profits and losses in the ratio of 3: 2:1. Amit is to be paid a salary of Rs. 1,000 per month and Babu, a Commission of Rs. 5,000. It is also provided that interest to be allowed on capital at 6% p.a. The drawings for the year were Amit Rs. 6,000, Babu Rs. 4,000 and Charu Rs. 2,000. Interest on drawings of Rs. 270 was charged on Amit’s drawings, Rs. 180 on Babu’s drawings and Rs. 90, on Charu’s drawings. The net profit as per Profit and Loss Account for the year ending March 31, 2006 was Rs. 35,660. Prepare the Profit and Loss Appropriation Account to show the distribution of profit among the partners. (6 M)

4. Mahesh and Dinesh share profits and losses in the ratio of 2:1. From January 01, 2004 they admit Rakesh into their firm with a guaranteed profit minimum of Rs. 25,000.New profit sharing ratio between them is 6:3:1. Mahesh and Dinesh agree to bear any deficiency on account of guarantee to Rakesh in the ratio of 3:2 respectively. The profits of the firm for the year ending December 31, 2006 amounted to Rs. 1, 20,000. Prepare Profit and Loss Appropriation Account. (6 M)

5. Nusrat, Sonu and Himesh are partners sharing profits and losses in the ratio of 5: 3: 2. The partnership deed provides for charging interest on drawing’s @ 10% p.a. The drawings of Nusrat, Sonu and Himesh during the year ending December 2004 amounted to Rs. 20,000, Rs. 15,000 and Rs. 10,000 respectively. After the final accounts have been prepared, it was discovered that interest on drawings has not been taken into consideration. Give necessary adjusting journal entry. (6 M)