Section –A: Answer any FIVE questions, each question carries ONE mark. 05×01=05 1. Partnership deed contains; a) Name of firm b) Name and address of the partners c) Profit and loss sharing ratio d) All of the above
2. Name any one method of maintaining capital accounts of Partners. 3. Old ratio – New ratio = ________ 4. State any one reason for admission of a new partner. 5. New Share = Old share + share sacrificed. (State True or False) 6. When do you prepare Executors account?
Section –B: Answer any TWO questions, each question carries TWO marks. 02×02=04 7.Define Partnership. 8. What do you mean by profit and loss appropriation account? 9. State any two rights acquired by a new partner.
Section –C: Answer any FOUR questions, each question carries SIX marks. 04×06=24 10. Arun & Varun are the partners sharing profits & losses in the ratio of 2:1 Their opening capital being Rs.80,000 & Rs.50,000 respectively. They earned a profit of Rs. 20,000 before allowing the following: • Interest on capital @ 8% p.a. • Interest on drawings: Arun Rs.2,000, Varun Rs.2,500 • Salary to Arun Rs.3,000 p.a. • Commission to Varun Rs.2,000 p.a.
Prepare P & L Appropriation account as on 31/03/2021
11. Radha and Ravi are partners in a firm. Radha’s drawings for the year 2020-21 are given as under: • Rs. 5,000 on 01.04.2020 • Rs. 8,000 on 30.06.2020 •Rs. 3,000 on 01.12.2020 • Rs. 2,000 on 31.03.2021
Calculate interest on Radha’s drawings at 10% p.a. for the year ending on 31.03.2021, under product method.
12. Anil and Sunil are partners in a firm sharing profits and losses in the ratio of 3:2. They admit Ashok as a new partner forth share. The new profit sharing ratio between Anil and Sunil will be 2:1. Calculate the sacrifice ratio.
13. Vani, Rani and Soni are partners in a firm sharing profits and losses in the ratio of 4:3:2. Soni retires from the firm. Vani and Rani agreed to share equally in future. Calculate gain ratio of Vani and Rani
