Here we are providing 1 Mark Questions for Accountancy Class 12 Chapter 2 Accounting for Partnership: Basic Concepts are the best resource for students which helps in class 12 board exams.
One Mark Questions for Class 12 Accountancy Chapter 2 Accounting for Partnership: Basic Concepts
Chhavi and Neha were partners in a firm sharing profits and losses equally. Chhavi withdrew a fixed amount at the beginning of each quarter. Interest on drawings is charged @ 6% p.a. At the end of the year, interest ‘ on Chhavi’s drawings amounted to ₹ 900. Pass necessary journal entry for charging interest on drawings.
Dev withdrew ₹ 10,000 on 15th day of every month. Interest on drawings was to be charged @ 12% per
annum. Calculate interest on Dev’s drawings. (CBSE Outside Delhi 2019)
Interest On Drawings = 1,20,000 x 12/100 x 6 x 12 = 7,200
Amit, a partner in a partnership firm withdrew ₹ 7,000 in the beginning of each quarter. For how many months would interest on drawings be charged₹ (CBSE SP 2019-20)
7 1/2 months.
Raj and Seema started a partnership firm on 1st July, 2018. They agreed that Seema was entitled to a commission of 10% of the net profit after charging Raj’s salary of ₹ 2,500 per quarter and Seema’s commission. The net profit before charging Raj’s salary and Seema’s commission for the year ended 31st March, 2019 was ₹ 2,27,500. Calculate Seema’s commission. (CBSE Compt. 2019)
Net profit before salary and commission = ₹ 2,27,500
Net Raj’s salary ₹ 2,500 x 3 = ₹ 7,500
Net profit after Raj’s salary but before Seema’s commission = ₹ 2,20,000
Seema’s commission = 10/110 of ₹ 2,20,000
= ₹ 20,000
A and B are partners in a firm sharing profits and losses in the ratio of 7 : 3. Their fixed capitals were : A ₹ 9,00,000 and B ₹ 4,00,000. The partnership deed provided the following: (CBSE Compt. 2019)
(i) Interest on capital @ 10% p.a.
(ii) A’s salary ₹ 50,000 per year and B’s salary ₹ 3,000 per month.
Profit for the year ended 31st March 2019 ₹ 2,78,000 was distributed without providing for interest on capital and partner’s salary.
Showing your working clearly, pass the necessary adjustment entry for the above omissions.
Partners of ABC Corporation have agreed that D, a minor, should be admitted as a partner in the firm. What will be liability of D?
X, Y and Z are partners in a firm. The firm had adopted fixed capital method. Mention the account in which the interest on capital will be recorded:
A partnership deed provides for the payment of interest on capital but there was a loss instead of profits during the year 2010-11. Will the interest on capital be allowed?
Where is interest on a partner’s loan debited to Profit and Loss Account or Profit and Loss Appropriation Account?
Profit and loss Account.
Is interest on a partner’s loan is payable even in case of loss to the firm?
Net profit of a firm is ₹ 30,000, partners’ salary is ₹ 12,000 and interest on capital is ₹ 20,000. Mention the amount of partners’ salary and interest on capital which should be debited to Profit and Loss Appropriation Account if both items are treated as appropriation.
Partners’ salary ₹ 11,250, Interest on capital ₹ 18,750.
Note: In the ratio of salary and interest on capital i.e. 12,000 : 20,000 = 3:5.
Ram and Shyam are partners sharing profits/losses equally. Ram withdrew ₹ 1,000 p.m. regularly on the first day of every month during the year 2013-14 for personal expenses. If interest on drawings is charged @ 5% p.a. Calculate interest on the drawings of Ram.
Verma and Kaul are partners in a firm. The partnership agreement provides that interest on drawings should be charged @ 6% p.a. Verma withdraws X 2,000 per month starting from April 01, 2013 to March 31, 2014. Kaul withdraw ₹ 3,000 per quarter, starting from April 01, 2013. Calculate interest on partner’s drawings.
Himanshu withdraws ₹ 2,500 at the end of each month. The partnership deed provides for charging the interest on drawings @ 12% p.a. Calculate interest on Himanshu’s drawings for the year ending 31st December, 2013.
Bharam is a partner in a firm. He withdraws ₹ 3,000 at the starting of each month for 12 months. The books . of the firm closes on March 31 every year. Calculate interest on drawings if the rate of interest is 10% p.a.
Bharam withdraws ₹ 3,000 at the starting of each month.
Amit and Bhola are partners in a firm. They share profits in the ratio of 3 : 2. As per their partnership agreement, interest on drawings is to be charged @ 10% p.a. Their drawings during 2013 were ₹ 24,000 and ₹ 16,000, respectively. Calculate interest on drawings based on the assumption that the amounts were withdrawn evenly, throughout the year.
Amit’s Drawings = ₹ 24,000
Note: In the absence of date of drawings, it is assumed drawings have been made in the middle of each month/period.
A, B and C were partners in a firm sharing profits in the ratio of 3 : 2 : 1. B was guaranteed a profit of X 2,00,000. During the year the firm earned a profit of ₹ 84,000. Calculate the net amount of Profit/Loss transferred to the capital accounts of A and C. (CBSE Sample Paper 2017-18)
Net Amount of Loss transferred to:
- A’s Capital Account: ₹ 87,000
- C’s Capital Account: ₹ 29,000