HSC Commerce Class 12 - Tamil Nadu Board of Secondary Education Question Bank Solutions for Accountancy

From the following particulars, calculate the trend percentages of Kala Ltd.

From the following particulars, calculate the Trend percentages of Kavitha Ltd.

From the following particulars, calculate the trend percentage of Kumar Ltd.

From the following particulars, calculate the trend percentages of Anu Ltd.

From the following particulars, calculate the trend percentages of Babu Ltd.

Janani, Kamali and Lakshmi are partners in a firm sharing profits and losses equally. As per the terms of the partnership deed, Kamali is allowed a monthly salary of ₹ 10,000 and Lakshmi is allowed a commission of ₹ 40,000 per annum for their contribution to the business of the firm. You are required to pass the necessary journal entry. Assume that their capitals are fluctuating.

Kavin, Madhan, and Ranjith are partners sharing profits and losses in the ratio of 4:3:3 respectively. Kavin retires from the firm on 31st December 2018. On the date of retirement, his capital account shows a credit balance of ₹ 1,50,000. Pass journal entries if:

1. The amount due is paid off immediately.
2. The amount due is not paid immediately.
3. ₹ 1,00,000 is paid and the balance in the future.

Manju, Chara’and Lavanya are partners in firm sharing profits and losses in the ratio of 5:3:2. The balance sheet as of 31st March, 2018 was as follows:

Manju retired from the partnership firm on 31.03.2018 subject to the following adjustments:

1. Stock to be depreciated by ₹ 10,000
2. Provision for doubtful debts to be created for ₹ 3,000.
3. Buildings to be appreciated by ₹ 28,000

Prepare revaluation account and capital accounts of partners after retirement.

Which of the following is shown in the Profit and loss appropriation account?

Why is the profit and loss appropriation account prepared?

Sibi and Manoj are partners in a firm. Sibi is to get a commission of 20% of net profit before charging any commission. Manoj is to get a commission of 20% on net profit after charging all commission. Net profit for the year ended 31^st December 2018 before charging any commission was ₹ 60,000. Find the commission of Sibi and Manoj. Also, show the distribution of profit.

Anand and Narayanan are partners in a firm sharing profits and losses in the ratio of 5 : 3. On 1^st January 2018, their capitals were ₹ 50,000 and ₹ 30,000 respectively. The partnership deed specifies the following:

1. Interest on capital is to be allowed at 6% per annum.
2. Interest on drawings charged to Anand and Narayanan are ₹ 1,000 and ₹ 800 respectively.
3. Interest on drawings charged to Anand and Narayanan are ₹ 1,000 and ₹ 800 respectively.

Give necessary journal entries and prepare profit and loss appropriation account as on 31^st December 2018. Assume that the capitals are fluctuating.

Dinesh and Sugumar entered into a partnership agreement on 1^st January 2018, Dinesh contributing ₹ 1,50,000 and Sugumar ₹ 1,20,000 as capital. The agreement provided that:

1. Profits and losses to be shared in the ratio 2 : 1 as between Dinesh and Sugumar.
2. Partners to be entitled to interest on capital @ 4% p.a.
3. Interest on drawings to be charged Dinesh: ₹ 3,600 and Sugumar: ₹ 2,200
4. Dinesh to receive a salary of ₹ 60,000 for the year, and
5. Sugumar to receive a commission of ₹ 80,000

During the year ended on 31^st December 2018, the firm made a profit of ₹ 2,20,000 before adjustment of interest, salary and commission. Prepare the Profit and loss appropriation account.

Antony and Ranjith started a business on 1^st April 2018 with capitals of ₹ 4,00,000 and ₹ 3,00,000 respectively. According to the Partnership Deed, Antony is to get the salary of ₹ 90,000 per annum, Ranjith is to get 25% commission on profit after allowing salary to Antony and interest on capital @ 5% p.a. but after charging such commission. The profit-sharing ratio between the two partners is 1 : 1. During the year, the firm earned a profit of ₹ 3,65,000.
Prepare profit and loss appropriation account. The firm closes its accounts on 31^st March every year.

Anand and Narayanan are partners in a firm sharing profits and losses in the ratio of 5:3. On 1st January 2018, their capital was ₹ 50,000 and ₹ 30,000 respectively. The partnership deed specifies the following:

1. Interest on capital is to be allowed at 6% per annum.
2. Interest on drawings charged to Anand and Narayanan are ₹ 1,000 and ₹ 800 respectively.
3. The net profit of the firm before considering interest on capital and interest on drawings amounted to ₹ 35,000.

Give necessary journal entries and prepare profit and loss appropriation accounts as on 31st December 2018. Assume that the capitals are fluctuating.