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

Short Answer Question▾

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?

Calculation of interest on drawings

calculate the given table and find out the interest on drawings

Date of Drawings

Amount

Months upto 31st December 2015

Products

$

Explanation

$775

finding a value of Date of Drawings, Amount, Months upto 31st December 2015 and Products $

showing a given table in Date of Drawings, Amount, Months upto 31st December 2015 and Products $

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

Interestondrawingis77500×12100×112

= $775

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

Short Answer Question▾

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:

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

shows given table is represent aplril

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

Credit side of cash book of Mr. Shah as on April 2015

showing table in Credit side of cash book of Mr. Shah as on April 2015

Date

Particular

Cash Cr $

Bank Cr $

Explanation

Mr. Shah

Cash book April 2015

calculate value of date, Particular, Cash Cr $, Bank Cr $

shows table in Date, Particular, Cash Cr $, Bank Cr $

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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