KENDRIYA VIDYALAYA NO.2 NAUSENABAUGH
VISAKHAPATNAM 5.
CLASS TEST
SUBJECT:
ACCOUNTANCY DATE: 28.04.2012 MAX.MARKS:
15
Q.1 Where would you record ‘Interest on drawing’ when
capitals are fixed? 1 m
Q.2 State on difference between Profit and Loss a/c and
Profit & Loss appropriation a/c. 1m
Q.3 In the absence of partnership deed specify the rules
relating to the interest on partners loan and salary to partners. 1m
Q.4 Amit is partner in a firm he withdrew the following
amount during the year 2011.
01.02.11 Rs 4000
01.05.11 Rs
10000
30.06.11 Rs 4000
31.10.11 Rs
12000
31.12.11 Rs 4000
Interest on drawings is to be charged at 7.5% p.a.
Calculate interest on drawing to be charged for the year ending 31.12.11 (4m)
Q.5 A, B and C are partners their capital a/c being Rs 30000,
Rs 25000 and Rs 20000 respectively. In arriving at these figures the profit for
the year ending 31.3.2011 amounting to Rs 24000 had been credited to partners
in the proportion in which they shared profits. During the year their drawings
were Rs 5000, Rs 4000 and Rs 3000 respectively. Subsequently the following omissions
were noticed.
1. Interest on capital at the rate of 10% p.a was not
charged.
2. Interest on drawings A – Rs 250 B - Rs 200 and C – Rs 150
was not recorded.
Record necessary adjustment entry. (4m)
Q.6 Amit and Sumit are partners sharing profits and
losses in the ratio of 3:2 with capital Rs 50000 and Rs 30000 respectively.
Interest on capital is agreed to be paid @ 6% p.a. Sumit is allowed a salary of
Rs 2500 p.a. During 2011 the profit prior to the calculation of interest on
capital but after charging Sumit salary amounts to Rs 12500. A provision of 5%
of profit is to be made in effect of manager’s commission. Prepare profit and
loss appropriation a/c. (4m)
SUGGESTED ANSWERS
Ans. 1 Current a/c
Ans.2 Profit
and loss a/c is prepared to ascertain the net profit earned by the organization.
Profit and loss
appropriation a/c is prepared to find how the profit earned will be
distributed among the partners.
Ans. 3 Interest on loan will be given @ 6%p.a and no
salary will be given to the partners in the absence of partnership deed.
Ans.4
Date
|
Amount
|
Period
|
Product
|
01.02.11
|
4000
|
11
|
44000
|
01.05.11
|
10000
|
8
|
80000
|
30.06.11
|
4000
|
6
|
24000
|
31.10.11
|
12000
|
2
|
24000
|
31.12.11
|
40000
|
0
|
0
|
TOTAL
|
172000
|
Interest on drawing = 172000 x 7.5 x 1 = Rs 1075
100 x
12
Ans. 5
A
|
B
|
C
|
|
Amount received (A)
|
8000
|
8000
|
8000
|
Dr Profit and loss
appropriation a/c Cr
To Interest on Capital
|
By Profit and
Loss a/c
|
24000
|
|
A
|
2700
|
By Interest on
Draw.
|
|
B
|
2100
|
A
|
250
|
C
|
1500
|
B
|
200
|
To Profit transfer to
|
C
|
150
|
|
A Capital
|
6100
|
||
B Capital
|
6100
|
||
C Capital
|
6100
|
||
TOTAL
|
24600
|
TOTAL
|
24600
|
Statement showing Opening Capital
A
|
B
|
C
|
|
Closing Capital Bal
|
30000
|
25000
|
20000
|
+ Drawing
|
5000
|
4000
|
3000
|
35000
|
29000
|
23000
|
|
- Profit and loss a/c
|
8000
|
8000
|
8000
|
Opening Capital bal
|
27000
|
21000
|
15000
|
A
|
B
|
C
|
|
Interest on Capital
|
2700
|
2100
|
1500
|
Profit and Loss a/c
|
6100
|
6100
|
6100
|
8800
|
8200
|
7600
|
|
Interest on drawing
|
250
|
200
|
150
|
Amount Receivable (B)
|
8550
|
8000
|
7450
|
(A) –
(B)
|
550 Cr
|
---
|
550 Dr
|
Journal entry
C
Capital a/c Dr 550
To A
Capital a/c 550
(being
adjustment entry for interest on capital and drawing pass)
Ans.6
Dr Profit and loss appropriation
a/c Cr
To interest on capital
|
By Profit and Loss a/c
|
15000
|
|
Amit
|
3000
|
(12500+2500)
|
|
Sumit
|
1800
|
||
To Sumit Salary
|
2500
|
||
To Manager Comm.
|
750
|
||
To Profit transfer to
|
|||
Amit Capital
|
4170
|
||
Sumit Capital
|
2780
|
||
TOTAL
|
15000
|
TOTAL
|
15000
|
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