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Pheonix Commerce Tuitions 1, II PUC ACCOUNTANCY(30), , ACCOUNTANCY (30), Question Paper Pattren, Compulsary 6 Marks and 12 Marks Questions, Nature / Type of Questions, Interest on Drawings, or, Profit or Loss Appropriation A/C, Partner’s Executors A/C, Debenture’s, Statement of Profit/loss as per schedule III Of, Companies Act 2013, Dissolution of Partnership firm, Share Capital, Comparative / Common size Balance sheet /, Statement of financial Position as per schedule, III of Companies Act 2013, , Page 1, , Total, Marks, 06, 06, 06, 06, 12, 12, , 12

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Pheonix Commerce Tuitions 2, II PUC ACCOUNTANCY(30), , 1. Calculation of Interest On Drawings, -Direct Method,  -Product Mathod ( Most questions asked from this method ), -Average Period Method, , Step-1, Draw the necessary columns and give heddings, Date of Amount of Closing Date Out standing, Drawings Drawings (31ST March) Months (DOD, (DOD), (AOD), (CD), to CD), dd/mm/yy, , xxx, , dd/mm/yy, , n/m, , Product, (AOD x OSM), xxx, , xxx, Total Product=, , xxxx, , Step-2, Fill the column no 1& 2 given in the question., Step-3,Fill the column no3 that is closing dates(31st March ), Step-4, Fill the column no 4 that is Outstanding months means counting, the months from DOD to CD., Step-5, Fill the column no 5 that is Product by multiplaing the AOD x, OSM., Step-6, Total the column no 5 that is Total Product., Step-7, Apply the Formula, Interest on Drawings = 𝑻𝒐𝒕𝒂𝒍 𝑷𝒓𝒐𝒅𝒖𝒄𝒕 𝒙 𝑹𝒂𝒕𝒆 𝒙, , 𝟏, 𝟐, , You can checkout the answer by doing direct method (optional), , Intereston drawings = Amount of Drawings x Rate x O/s months, 12, , Page 2

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Pheonix Commerce Tuitions 3, II PUC ACCOUNTANCY(30), , For Example, Radha and Ravi are partners in a firm. Radha’s drawings for the year, 2020-21 are given as under:, 5,000 on 01.04.2020, 8,000 on 30.06.2020, 3,000 on 01.12.2020, 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., , Ans: Calculation of Interest on Radha's drawings, Date of, Drawings, (DOD), 01.04.2020, 30.06.2020, 01.12.2020, 31.03.2021, , Amount of, Drawings, (AOD), 5,000, 8,000, 3,000, 2,000, , Closing Date, (31ST March), (CD), 31.03.2021, 31.03.2021, 31.03.2021, 31.03.2021, , Out standing, Months, (DOD to CD), 12, 9, 4, 0, , Total Product, , Product, (AOD x OSM), 60,000, 72,000, 12,000, 0, , 1,44,000, 𝟏𝟎, , 𝟏, , Interest on Radha's Drawings = 𝟏, 𝟒𝟒, 𝟎𝟎𝟎 𝒙 𝟏𝟎𝟎 𝒙 𝟏𝟐, =1200, ------ ------ ------- -------- ----- ------ ------- ------ -----By Direct Method (only for confirmation), Interest on Radha's Drawings = 5,000 𝑥, Interest on Radha's Drawings = 8,000 𝑥, Interest on Radha's Drawings = 3,000 𝑥, Interest on Radha's Drawings = 2,000 𝑥, , 10, 100, 10, 100, 10, 100, 10, 100, , 𝑥, 𝑥, 𝑥, 𝑥, , 12, 12, 9, 12, 4, 12, 0, 12, , = 𝟓𝟎𝟎, = 𝟔𝟎𝟎, = 𝟏𝟎𝟎, =𝟎, , Total Interest on radha's Drawings, , =1,200, Page 3

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Pheonix Commerce Tuitions 4, II PUC ACCOUNTANCY(30), , 19) Profit or Loss Appropriation A/C, Step-1, Draw the ledger account column, Dr, Particulars, , Profit or loss Appropriation A/C, Amount, Particulars, , To Interest on Partners, Capital a/c, , Cr, Amount, , xxx, , By Profit/loss b/d, , xxx, xxx, , To Partners salary a/c, , xxx, , By interest on partners, drawings a/c, , To Partners Commision a/c, , xxx, , To Net profit (b/f) transferred, to partners capital A/c 's, , (xxx), , To Net loss (b/f) transferred, to partners capital A/c 's, , XXX, , (xxx), , XXX, , Step-2, Credit the Net Profit/ Proft to the P&L Appropriation A/c., Step-3, Credit the Interest on Drawings A/c., Step-4, Debit the Interest on Capital A/c., Step-5, Debit the Partner’s Salary A/c., Step-6, Debit the Partner’s Commission A/c., Step-7, Total the Credit side and write the same to the Debit side Total ., Step-8, Balance the Debit side, ( Balance= Cr side amount – Dr side amount) and share the balance to the, partner’s according to their ratios., , Page 4

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Pheonix Commerce Tuitions 5, II PUC ACCOUNTANCY(30), , For Example, Arun & Varun are the partners sharing profits & losses in the ratio of 2:1, Their opening capital being 80,000 & 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 2,000, Varun 2,500, • Salary to Arun 3,000 p.a., • Commission to Varun 2,000 p.a., Prepare P & L Appropriation account as on 31/03/2021, Ans: Preparation of P & L Appropriation account as on 31/03/2021, , Dr, Particulars, , Profit or loss Appropriation A/C, Amount, Particulars, , To Interest on Partners, Capital a/c, 8, Arun= 80,000 𝑥, = 6400, 100, , Varun=50,000 𝑥, , 8, 100, , = 4000, , 10,400, , To Arun's salary a/c, , 3,000, , To Varun's Commision a/c, , 2,000, , To Net profit (b/f) transferred, to partners capital A/c 's, , 9,100, , Cr, Amount, , By Profit/loss b/d, , 20,000, , By interest on partners, drawings a/c, Arun = 2,000, Varun = 2,500, , 4,500, , 24,500, , 24,500, , *Consider PARTNERS CAPITALS for calculating Interest on Capital, * Don’t Consider ratios, , Page 5

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Pheonix Commerce Tuitions 6, II PUC ACCOUNTANCY(30), , 21) Preparation of Partner’s Executors A/c, ( Death of partner), Step-1, Write the details of the deseased partner That is, Name of died partner:Date of Death :Ratio of deseased partner:Capital of deseased partner:Step-2, Calculate the Interest on Capital(Cr), Interest On Capital= Capital x Rate% x Pre-months, 12, Step-3, Calculation of Goodwill (Cr), Share of died partner Good will = Firms Goodwill x Ratio, Firms Goodwill= Average profit x No of years Purchased, Average Profit =, , Total Profits, No of year Profit, , Step-4, Calculation of Profit or loss Suspense A/c (Cr), P&l Suspense A/c= Last year Profit x Ratio x Pre-months, 12, Steps-5, Calculation of General Reserve / Reserve Fund (Cr), Share of Reserve fund= Amount of RF x Ratio, , Page 6

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Pheonix Commerce Tuitions 8, II PUC ACCOUNTANCY(30), , P&l Suspense A/c= Last year Profit x Ratio x Pre-months, 12, Steps-5, Calculation of General Reserve / Reserve Fund (Cr), Share of Reserve fund= Amount of RF x Ratio, , For Example, , Page 8

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Pheonix Commerce Tuitions 10, II PUC ACCOUNTANCY(30), , 22) %Debentures ,, Step-1, Write the details of the Debentures given in the Problem., *No of %Debentures, *Amount per %Debentures in Rupees., *Amount of Premium or Discount per %Debentures.(If, any), Step-2, %Debenture money.,  Application (No of %Debentures X per Debenture),  Allotment (No of %Debentures X per Debenture),  First & Final Call money ( -------//---------), Step-3, Draw the Journal entry Columns & give heddings., Step-4, Enter the journal entries to the relative transaction ,each, transaction have 2 journal entries ., Formate of Journal entries, Date/, Particulars, L Debit Credit, S.no, .F, 01 Bank A/c ……………..Dr, xxxx, To %Debenture Application A/c, xxxx, 02 %Debenture Application A/c..Dr, xxxx, To % Debenture A/c, xxxx, 03 %Debenture Allotment A/c..Dr, xxxx, To % Debenture A/c, xxxx, 04 Bank A/c ……………..Dr, xxxx, To %Debenture Allotment A/c, xxxx, st, 05 %Debenture 1 &Final call A/c..Dr, xxxx, To % Debenture A/c, xxxx, 06 Bank A/c ……………..Dr, xxxx, To%Debenture 1st&Final call A/c, xxxx, (Write the narration to all transactions), Page 10

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Pheonix Commerce Tuitions 11, II PUC ACCOUNTANCY(30), , 23) Statement of P&L A/c as per Schedule III of, Companies Act- 2013., Step-1, Draw the Statement columns, , Particulars, , Note, No, , Revenue from Operations(sales), Add:- Other Incomes, Total Revenues (A), , Amount, (Rs.), xxxx, xxxx, XXXX, , Less:- Expenses, Purchase of stock in trade, Purchases, Cost of Material consumed, 1, Employees benefit expenses, 2, Other Expenses, Total Expenses (B), Profit Before Tax (C = A-B)PBT, Less:- Income Tax D= % On C, Profit After Tax (E= C-D) PAT, Note -1 Employee benefit expenses includes, Salries to employees, leave encashments, bonus to employees etc …. total it ., Note-2 Other expenses includes, Rents, Repairs, Depreciation etc…..Total it ., , Page 11, , xxxx, xxxx, xxxx, xxxx, xxxx, XXXX, xxxx, xxx, XXXX

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Pheonix Commerce Tuitions 14, II PUC ACCOUNTANCY(30), , Tips, READ THE PROBLEMS CAREFULLY, Read the problems 2 times to understand the problem to do, Don’t get confused, First write the notes and the table or formulas to get, calculations easy, If you have any doubts or confusions just leave that, problem and go next one, After completing the given problems and look after the, problems you have left, First attend the practical problems then go to theory, questions., , Page 14