In the assignment of the third week of the HSC examination of 2021, the students in business education have been given a task related to partnership business and its accounting process as the second paper assignment. I came up with HSC Exam 2021 Accounting third week assignment, writing instruction and selected best sample answer.
In order to evaluate the alternative method, the students participating in the HSC examination from the Department of Business Education in 2021 from all the general education boards of the country have taken the second paper of the accounting second assignment.
HSC Exam 2021 3rd Week Assignment Accounting
The second assignment of the second paper of Accounting for the students participating in the HSC examination of 2021 has been taken from the Department of Business Education.
Following the instructions given in the question paper of HSC Exam 2021 Accounting Second Week Assignment, the students will complete the assignment and submit the relevant subject to the teacher on regular basis.
Upon completion of the assignment, the students will be able to explain the components of the partnership business, resolve the unresolved issues of the partnership business in the absence of energy, create profit-loss allocation accounts, calculate the partners’ profits, prepare the partners’ capital account and partners’ current account.
Assignment Writing Guidelines and Assessment Guidelines, Title Picture Assignment of 2021 SSC Examiners Accounting Second Paper
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Assignment: Partnership business and its accounting process
Abul, Abdul and Asadul are three partners in a partnership business. On January 1, 2021, Abul provided Rs. 300,000, Abdul Rs. 250,000 and Asadul Rs. 200,000 as capital.
Abdul withdraws Rs 500 in cash every month and Asadul withdraws Rs 2,000 in the middle of the year.
Abul runs the business and for this he gets a salary of Rs 2,500 per month. Due to financial constraints, Asadul provided a loan of Rs 10,000 on April 1 and Abul provided an additional capital of Rs 20,000 on June 1.
According to the partnership agreement, 10% interest will be charged annually on the withdrawal. Abul will get 5% commission on the next profit after assigning commission on distributable profit for his full time support in business.
After debiting Abdul’s salary but before making other adjustments, the net profit of the business reached Rs. 1,10,000.
Instructions (signal step range)
A. Settlement of unresolved issues of partnership business in the absence of agreement.
B. Need to prepare profit-loss distribution accounts among the partners.
C. Partners need to prepare current accounts.
D. Partners need to prepare capital account (variable capital system and fixed capital system)
HSC Exam 2021 3rd Week Assignment Accounting Answer
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