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Accountancy XII C

1) Distinguish between profit& loss account and profit& appropriation account.

2) Discuss the main provisions of the Indian partnership act 1932 that are relevant to partnership accounts if there is no partnership deed.

3) Record the following items in the Capital Accounts of Deepa and Shika as per (i) fixed capital Method (ii) fluctuating Capital Method

 

Deepa

Shika

Capital as on 1st April 2004

2,00,000

1,00,000

Drawings during 2004-05

25,000

20,000

Interest on capital

5%p.a

5%.p.a

Interest on drawings

750

600

Salary

12,000

9600

Commission

4000

Share of profit

30,000

15,000

Current account balance on 1st April 2004

5000(Cr)

200(Dr)

(4) A and Bare partners sharing profits and losses in the ratio 3:1. Their capitals at the end of the financial year 2005-06 were Rs.6,00,000 and Rs.3,00,000. During the year 2005-06, A’s drawings were Rs.80,000 and the drawings of B were Rs.40,000 which had been duly debited to partner’s capital accounts. Profit before charging interest on capital for the year was Rs.80,000. The same had also been credited in their profit sharing ratio. B had brought additional capital of Rs.70,000 on October 1st,2005. Calculate interest on capital @ 12% p.a for the year 2005-06.

Date of submission: 5 June 2015 (Shift-II)


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