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    Accounts Test Xii

    Uploaded by

    Poonam Singh
    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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    Accounts Test Xii

    Uploaded by

    Poonam Singh
    144 views1 page
    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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    test for Profit and Loss appropriation account for class xii

    Original Title

    accounts test xii

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    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.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    144 views1 page

    Accounts Test Xii

    Uploaded by

    Poonam Singh
    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.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    of 1

    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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