P and Q are partners sharing profit and losses in the ratio of 60:40. 3,70,000, Calculation of Interest on Capital = Rs. Profit for the year ended 31st March, 2016 were Rs. Sharing of Profit/Losses:- Profit/Losses are shared equally by the partners. The profit for the year ended 31st March, 2016, after debiting partnership salaries, but before charging interest on capitals, was Rs. Mention difference between the following:-. 1,60,000, Calculation of Interest on Capital = Rs. A 1,00,000 (Cr.) 30,000. Their partnership deed provides that: (a) A is to be allowed a monthly salary of Rs. X and Y are partners in a firm. Turnover for the year was Rs. P and Q were partners in a firm sharing profits in 3:1 ratio. Prepare Profit and Loss Appropriation Account of the firm. These Solutions are unquestionably helpful for students to practice on a daily base. 1,500 per quarter. 80,000. A and B are partners in a firm sharing profits or losses in the ratio of 2:3 with capital of Rs. 36,600, Calculation of Interest on Capital For Z:-, Interest on Capital = Rs. 1. If total profits were Rs. 700 × 12 = 8,400. (c) X wants to introduce his son Rajesh into the business. 3,00,000 respectively. 60,000 and Arora Rs. For the year ended 31st March,2018 the profits prior to calculation of interest on capital but after charging Tulsi’s salary amounted to Rs. The intend of this article is to share the best suggestions and guidelines to utilize the extra 15 minutes provided for reading the question paper in CBSE Board Examination. 1,50,000 respectively, and were fixed. A is to get a commission of 10% of net profit before charging any commission. A, B and C are partners in a firm sharing profits and losses in the ratio of 4:3:3. 3,20,000, Rs. 1,000 p.m. regularly on the first day of every month during the year ended 31st March, 2018 for personal expenses. DK Goel Solutions for Class 12 Accountancy: Some of the special features of the DK Goel Solutions for Class 12 are: A large number of questions based on Incomplete Information have been given at the end of every chapter. Showing your calculation clearly, pass a necessary adjustment entry to give effect to the new agreement between Prem, Param and Priya. Vikas and Vivek were partners in a firm sharing profits in the ratio of 3:2. Question 87. Question 44. 3,00,000. 13,800, R’s Interest on Capital = Rs. (B) X, Y and Z are partners with capitals of Rs. They were sharing profits in the ratio of their capitals. 10,000 per quarter. (2) No interest is to be allowed on capitals. (b) Next Rs, 1,00,000 in the ratio of 4:3:1. Most of the solutions given in DK Goel Accountancy solutions are most likely to appear in the board exams. The drawings of A and B for the year were Rs. 4.) 1,20,000 = Rs. 8,00,000 (Cr. 4,000 p.m. on the first day of every month for six months ending 31st March, 2016. 46,000, Calculation of Interest on Capital For Y:-, Interest on Capital = Rs. (c) Remaining profits to be shared equally. 50,000 and Rs. Prepare Profit and Loss Appropriation Account and Partner’s Current Accounts. The firm earned a profit of Rs. 2,000 and by Arora Rs. 40,000), Profit of transferred to Capital account = Rs. Not only do these DK Goel Solutions for Class 12 Accountancy strengthen students’ foundation in the subject, but also provide them with the ability to try different types of questions easily. Download DK Goel Solutions Class 12 Accountancy Chapter 2 Accounting for Partnership Firms Fundamentals pdf, latest solutions for Accountancy latest book, Short Answer QuestionsQuestion 1. Practice test sheets for Class 12 for Accountancy made for important topics in NCERT book 2020 2021 available for... Download syllabus for Class 12 Accountancy issued by CBSE and NCERT for 2021. Assuming that the Capital are (a) Fixed, (b) Floating, show the Partner’s Capital Accounts Current Account and Profit and Loss Appropriation Account. Question 63. These solutions for Class 12 are outlined keeping in mind the latest CBSE syllabus, hence possessing a big chance of appearing in the board exams. 42,000 before allowing for interest on capitals. 5,00,000; Rs. The solutions provided for the complex questions are simple, clear and explicit. 7,60,000. Question 54. Their fixed capitals were Rs. 2. X and Y are partners with capitals of Rs. 4,57,500, Vivek’s Contribution = Rs. 5,00,000 and Question – Rs. Free PDF download of DK Goel Solutions for Class 12 solved by Expert Teachers on Vedantu.com. Their fixed capitals on 1st April, 2015 were D Rs. C has withdrawn Rs. 7,60,000. 5,000 at the end of every month. 1,28,000. and charged on drawings at the same rate. DK Goel Solutions for Class 11 Accountancy Chapter 14 Trial Balance and Errors The solution for this question is as follows: Trial Balance of M/s Ram Chander & Sons as on January 31, 2015 Name of Accounts L.F. Debit â¹ Credit â¹ Cash 98,000 Bank 5,91,000 Capital 5,00,000 Purchases 6,82,000 Purchases Return 10,000 Sales 9,81,000 Sales Return On July 1, 2016 they introduced further Capitals of Rs. and a commission of 8% of net profit before charging any commission. 5,60,000 × 6% × 4/12, Interest on Capital = Rs. Showing your workings clearly, pass the necessary rectifying entry. Business is being carried from the property owned by Radha on a yearly rent of Rs. and Ruchi: Rs. 4,32,000, A’s Commission (after charging B’s commission own commission) = Rs. 74,040. DK Goel Solutions Class 12 helps the students to study and comprehend the accounting fundamentals which helps them to answer the complex questions in an easy way. (a) A used Rs. 30,000 and Rs. A, B and C are partners with Fixed Capital of Rs. Copyright Â© 2019 All Rights Reserved, selfstudys.com. Their capitals at the end of the year were Rs. 2,34,000. 6,000. 12,000; B Rs. 3,00,000 and Rs. Interest on capital is agreed @ 12% p.a. At the end of the year ending 31st March, 2018 it was founds out that interest on capitals @ 12% p.a. Their fixed capitals on 1.4.2010 were: Arun Rs. 60,000 p.a. 90,000 respectively. Question 104. Why should the students consider studying from DK Goel Solutions for Class 12 Accountancy? 25,000 and Rs. 2,10,000 and Rs. 8,000, B Rs. On 1st April, 2017 the balances of A and B were as follows:-, Capital Account Current Account. 10,000 per month. 50,000 belonging to the firm and suffered a loss of 20,000 in speculation. 10,000 respectively after the necessary adjustment in respect of drawings and net profits. Case (b) Interest on capital was not credited @ 8% p.a. 5,00,000 × 8% × 3/12, Interest on Capital = Rs. But having screenshots already prepared in addition to callouts, explanations, and After the accounts of a partnership have been drawn up and the books closed off, it is discovered that for the year ended 31st March, 2016 and 2017, interest has been credited to the partners upon their capitals at 5% per annum although, no provision for interest is made in the partnership agreement. Z bring in Rs. Lata is entitled to a commission of 8% of net profit after charging her commission. Question 30. Mention any four provisions of the partnership Act, in the absence of Partnership Deed.Solution 1.1.) Question 21. Calculate the interest on Drawings of Esha @ 9% p.a., if she withdrew Rs. 15,000 will be cover by S, T, W equally. Part A is bifurcated in two Volumes for the benefit of the students. Question 101. for nine months ending 31st March, 2016, if he withdrew Rs. According to the partnership deed the partners were entitled to interest on capital @ 10% p.a. 90,000, Total Drawings of B = Rs. 1,000, Rs. 5,000 per month. 48,000, Profit after charging Interest on capital and B’s Commission = Rs. Question 69. Their profit sharing ratio is 3:2:1. The net profit of the firm for the year before making the above adjustments was Rs. Solution 91 Total Drawings = Drawing Amount × Number of quarter in a year. for the year ended 31st March, 2016, in each of the following alternative cases: Case (i) If he withdrew Rs. 5,000 in the beginning of each quarter. 30,000 and Rs. C was entitled to a commission of 5% on the profits after charging the interest on capital; but before charging the salary payable to A. For the year ended 31st March, 2018 interest on capital was credited to them @ 8% instead of 10%. 12,000 and Rs. 9,00,000 and Rs. Prepare profit and loss Appropriation Account and Partner’s Capital Accounts. 80,000. Our Class 12 Accountancy solutions give students an advantage with practical questions. Question 4. 20,000, Total Interest on Capital paid to Satish = Rs. Solution 7. Important updates relating to your studies which will help you to keep yourself updated with latest happenings in school level education. 60,000 × 8/100. For the year ended 31st March, 2016, interest was credited to them @ 6% instead of 5% p.a. 48,000 and Rs. Question 45. The net profit of the firm, before any interest, for the financial year 2014-15 was Rs. 1,000 (Dr.). 4,00,000 and Rs. 5,000 per month. 20,000 respectively. 30,000 and B withdrew Rs. Question 34. 10,000 at the end of each quarter. 2,00,000. 4,00,000. 1,50,000 which had been distributed among the partners. During the year they withdrew Rs. Question 41. During the year A withdrew Rs. On April 1, 2016 their fixed capitals were Rs. (iii) Sharing of Profit or loss will be in the ratio of their capital contribution. Fill up the missing figure in the following accounts: Question 18. You are required to prepare a Profit and Loss Appropriation Account for the year ended 31st March, 2017. 3,00,000 which have been duly distributed among the partners, but the following transactions were not passed through the books:-. 15,000 – Rs. 55,000 × 10/100 = Rs. 600 and B is to be allowed a monthly salary of Rs. Show Current Accounts. DK Goel Class 12 Accountancy textbook solutions furnish a wide range of solutions that certainly helps the students to analyse, understand and solve them. Enter pincode to get tutors in your city. 10,000 respectively. The net profit for the year ended 31st March, 2016 before providing for interest on capital amounted to Rs. 10,000 and C Rs. 5,000 = Rs. 42,000. (ii) If he has withdrawn Rs. Question 16. 60,000) = Rs. Question 3. The intend of this article is to let us know the significance of writing within the prescribed word limit while attempting the CBSE Board Examination. 4,75,000 respectively. Question 26. A and B are partners sharing profit in the ratio of 3:2. Deficiency if any, would be borne by other partners equally. 1,00,000. Interest on capital is to be allowed @ 6% p.a. Goel) in this app, which help you get the answers in on just single click and through which you get better understanding on the questions. The profits were to be divided as follows: (a) The first Rs. X and Y are partners sharing profit in the ratio of 2:1.The under mentioned trial balance was extracted from their books on 31st March, 2019: You are required to prepare the Profit and Loss Account and Profit and Loss Appropriation Account for the year ended 31st March, 2019 and a Balance Sheet as on that date. Goel) app is specially designed for the CBSE class 11 students to help them prepare for their exams. 15,000 = Rs. (b) C will be allowed a commission of 5% of the net profit after allowing salaries of A and B. 1,00,000 taken from A on 1st June, 2014. (3) Distributable Profit = Total of Credit side – Debit Side, Total of Debit side (Rs. Solution 92. The new profit sharing ratio between Vikas and Vivek will remain the same but they decided to bear any deficiency on account of guarantee to Vandana in the ratio 2:3. 30,000. Partner’s drawings for the year were: P – Rs. 2,40,000 + Rs. A, B and C are partners sharing profits and losses in the ratio of 1:2:3. 15,000 quarterly and R Rs. 4,500, Question 88. Solution 8. 2,000 on the first day of each month and Namit draws Rs. They do not have any partnership deed. So the expenses divided into their expenses ratio which is 32,000 : 24,000 or 4 : 3. Question 64. 2,40,000 = Rs. (c) Asif is entitled to a salary of 2,000 per month. 18,000 during the middle of each quarter. Profits (before charging interest on capital) during the year were Rs. Their drawings during the year ending on 31st March, 2018 are as follows: B drew Rs. 5,000 p.m. at the end of every month; Case (d) if he withdrew Rs. 55,000. A’s Interest on Capital = 10,00,000 × 12% = 1,20,000, B’s Interest on Capital = 15,00,000 × 12% = 1,80,000, The profit is Rs. 5,00,000; B Rs. A/c, Net Profit in P&L App. 40,000 respectively. park.. previous year question Pass necessary journal entry for the above adjustments in the books of the firm. 5,000, 3. and Rs. DK Goel Solutions are well known in the stream for Commerce. A, B and C are partners sharing profits and losses in 2:2:3:3 respectively. DK Goel Accountancy Solutions for Class 12 are precise, clear and easy to understand which serves as a catalyst for the preparation purposes. 5,000 = Rs. 50,000 p.a. and the profits for the year are Rs. 48,000. 4,000 during the year. if she withdrew Rs. (A) Gopal withdrew Rs. 1,000 per month were not adjusted from the profits. A person may be admitted as a partner either with the consent of all the existing partners or in accordance with an express agreement among the partners. Access NCERT Solutions for Class 12 Accountancy. They contributed Rs. Deficiency will be contributed by Vikas and Vivek in the ratio 2:3. On 1st January, 2015, Shankar introduced additional capital of Rs. 50,000 per month drawn in the beginning of every month and B’s drawings were Rs. The net profit for the year ended 31st March, 2018, before allowing of charging any interest amounted to Rs. 80,000 respectively on 1st April, 2015. ( d ) X, Y and Z are partners sharing profits and in. Prepare relevant Account to allocate the profit & Loss Appropriation Account of the contrary, profit of.! Firm, sharing profits in the beginning of each month and R receiving a salary of Rs..... Accountancy Book download for Class 12 solved by our experts as on 1-4-2017 were under! Adjustments was Rs. ) equally by the CBSE most of the year ended 31st March 2015. A quarterly rent of Rs. ) the ratios of capitals Goel PDF download of DK Goel Accountancy Solutions D.K! Profits of the firm is reconstituted on the debit side ( Rs. ) March 2018 before charging commission. At these figures, the profits were to be shared by them in the ratios capitals! Several other related professions such as CA, CMA and ICWA Y: - interest on Capital =.!, Total interest on partner ’ s Capital Account = Rs. ) the new agreement between,. Drawing ) /2 want that a should return Rs. ) the working partner was also to! And Anil are partners in a firm sharing profits and losses in the of... previous year Question paper the preparation purposes the profits ) B that... To each topic has been given as per CBSE NCERT pattern and syllabus 3:2. Have capitals of Rs. ) entry on 1st April, 2016 = Rs. ) on. Or losses in the ratio 5:3:2 a minimum Amount of adjusting entry of Mr. B @ %... 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