Cl-12 | Q.N:- 64, 65, 66&67 | D.K GOEL | Ch:- 1 | Fundamentals Of Partnership |

Cl-12 | Q.N:- 64, 65, 66&67 | D.K GOEL | Ch:- 1 | Fundamentals Of Partnership | Q. 64. A and B are partners in a firm sharing profits and losses in the ratio of 2: 1. The following was the Balance Sheet of the firm as at 31.3.2021. Liabilities Assets Capitals: A 6,00,000 Sundry Assets B १ The profits 4,50,000 for the year ended 31.3.2021 were divided between the partners without allowing interest on capital @9% p.a. and without charging interest on drawings @12% p.a. During the year A withdrew ₹1,00,000 and B ₹50,000. Pass the necessary adjustment journal entry and show your working clearly. [Ans. A's Capital A/c To B's Capital A/c Dr. 6,000 6,000] Hint: Interest on drawings will be charged for 6 months. Q. 65. A and B are partners in a firm sharing profits and losses in the ratio of 2: 3. The following was the Balance Sheet of the firm as at 31.3.2021. Liabilities Capitals: A 4,90,000 B 3,00,000 7,90,000 7,90,000 Assets Sundry Assets 7,90,000 7,90,000 Profits ₹2,00,000 for the year ended 31.3.2021 were divided between the partners without allowing interest on capital @6% p.a., interest on drawings @10% p.a. and salary to B @ ₹5,000 per month. During the year A withdrew ₹40,000 and B withdrew *20,000. Showing your working notes clearly, pass the necessary rectifying entry. [Ans. A's Capital A/c To B's Capital A/c Dr. 13,400 13,400] Q. 66. A and B are partners sharing profits and losses in the ratio of 3: 1. Following is the Balance Sheet of the firm as at 31st March, 2021. Liabilities A's Capital 90,000 Drawings: B's Capital 30,000 A 12,000 B 6,000 18,000 Sundry Assets 1,02,000 1,20,000 1,20,000 Profit for the year ended 31st March, 2021 ₹24,000 was divided between the partners in their profit sharing ratio, but interest on capital at 5% p.a. and on drawings at 6% p.a. was inadvertently ignored. Give the necessary adjustment entry for the adjustment of interest. Interest on drawings may be calculated on an average basis for 6 months. [Ans. B's Capital A/c To A's Capital A/c Dr. 45 45] Q. 67. From the following Balance Sheet of A and B, calculate interest on capital at 5% p.a. for the year ending 31st March, 2021: BALANCE SHEET as at 31st March, 2021 Liabilities Assets १ A's Capital 1,00,000 Fixed Assets 1,40,000 B's Capital 80,000 Current Assets 60,000 P and L Appropriation A/c Drawings - B 20,000 2020-21 40,000 2,20,000 2,20,000 Profit during the year ended 31st March, 2021 was ₹70,000. A and B share profits in the ratio of 2: 1. Drawings during the year ended 31st March, 2021 were A 16,000 and B 20,000. [Ans. Interest on Capitals: A ₹4,800; B ₹3,500.]