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CBSE Questions for Class 12 Commerce Accountancy Accounting For Partnership: Basic Concepts Quiz 13 - MCQExams.com

X,Y & Z are partners sharing profits and losses in the ratio of 4:3:During 2015, their capital drawings & salaries were as follows:
partnerscapital (Rs.)Salaries(Rs.)Drawings (Rs.)
X
2,40,000
12,000
12,000
Y
1,60,000
12,000
6,000
Z
1,00,000
12,000
3,000
Partners are entitled to interest on capital @ 5% p.a. Interest on drawings to be charged @ 8% p.a. The net profit for the year ended 31-12-2015 was Rs. 1,45,On 1-7-2015 X made advance of Rs. 1,00,000 to the firm at 6% P.a. Y's share of profit after above appropriation will be ___________.
  • Rs. 37,707
  • Rs. 28,560
  • Rs. 18,853
  • Rs. 25,753
Persons who have entered into partnership with one another are individually known as _____________.
  • Co-owners
  • Firm
  • Partnership
  • Partner
Ajay and Vijay are partners in a firm. Their capital accounts as on April 1, 2015 showed a balance of Rs 2,00,000 and Rs 3,00,000 respectively. On 1st july,2015, Ajay introduced additional capital of Rs 50,000 and Vijay, Rs. 60,000. On 1st Oct,  Ajay withdrew Rs 30,000, and on 1st Jan, 2016 Vijay 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 2015-2016.

  • Rs. 17,800 for Ajay and Rs. 27,300 for Vijay
  • Rs. 18,700 for Ajay and Rs. 23,700 for Vijay
  • Rs. 18,700 for Vjay and Rs. 27,000 for Ajay
  • Rs. 19,800 for Vijay and Rs. 29,300 for Ajay
X and Y are partners with the capital of Rs. 50,000 and Rs. 30,000 respectively. Interest payable on capital is 10% p.a. Find the interest on capital for both the partners when the profits earned by the firm is Rs. 4,800?
  • Rs. 5,000 and Rs. 3,000. 
  • Rs. 3,000 and Rs. 1,800. 
  • No interest will be paid to the partners.
  • None of the above. 
The correct double entry to record interest on drawings is: -
Sr. No.DebitCredit
(A)Capital A/cP & L Appropriation A/c
(B)Current A/cP & L Appropriation A/c
(C)P & L Appropriation A/c
Current A/c
(D)P & L Appropriation A/cCapital A/c
  • Capital a/c Dr.
              To P & L Appropriation a/c
  • Current a/c Dr.
              To P & L Appropriation a/c
  • P & L Appropriation a/c Dr.
              To Current a/c
  • P & L Appropriation a/c Dr.
              To P & L a/c
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Practice Class 12 Commerce Accountancy Quiz Questions and Answers