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
0:0:1


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