# CIE Accounting Paper-1: Specimen Questions 193 - 195 of 214

## Passage

Rahul and Husain are agreed to form the partnership from 1 April 2014 to sell Furnitures.

## Question number: 193 (2 of 3 Based on Passage) Show Passage

### Write in Short

Partners in a partnership firm are charged with interest on drawings at 12 % p. a during the year ended 31st December 2015, a partner drew as follows:

\$

Feb 1 2500

May 1 3500

June 30 2000

October 31 5000

December 31 4500

Calculate the interest chargeable to the partner?

 Date of Drawings Amount Months upto 31st December 2015 Products \$

### Explanation

\$775

 Date of Drawings Amount Months upto 31st December 2015 Products \$ 01 - 02 - 2015 2500 11 27500 01 - 05 - 2015 3500 8 28000 30 - 06 - 2015 2000 6 12000 31 - 10 - 2015 5000 2 10000 31 - 12 - 2015 4500 0 0 Total 77500

= \$775

## Question number: 194 (3 of 3 Based on Passage) Show Passage

### Write in Short

State the rules applicable in the absence of partnership deed.

### Explanation

1. Profit sharing ratio
2. Interest on Loan
3. Interest on Capital
4. Salary to partners
5. Interest on Drawings.

## Passage

Mr. Shah have the following transaction in the month of April 2015:

 April 1 Shah started business with cash \$20000 2 Cash purchases \$5000 3 Goods sold to Naresh on credit \$4500 4 Paid carriage \$1000 5 Purchases by cheque \$6000

## Question number: 195 (1 of 4 Based on Passage) Show Passage

Essay Question▾

### Describe in Detail

Make necessary entries in the bank and cash columns on the credit side of Mr. Shah’s cash book as on April 2015.

Mr. Shah

Cash book April 2015

 Date Particular Cash Cr \$ Bank Cr \$

### Explanation

Mr. Shah

Cash book April 2015

 Date Particular Cash Cr \$ Bank Cr \$ 2 - 4-2015 By Purchases A/c 5000 4 - 4-2015 By Carriage A/c 1000 5 - 5-2015 By Purchases 6000
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