In arriving at these figures, the profits for the year ended, 31st March, 2018 Rs. 75,000 in speculation. Profit transferred to Capital account, 6.) as provided in the partnership agreement has been omitted to be recorded. Solution 95         Total Drawings = Drawing Amount × Number of months. Their respective share of profit is 3:2 and the profit for the year is Rs. After division of the profits for the year ended 31-3-2016 their capitals were: E Rs. 3.) The profit for the year ended 31st March, 2017 prior to calculation of interest on capital was Rs. Question 101. These extra... Aryabhata Ganit Challenge (AGC) has been initiated by the CBSE Board to enhance mathematical abilities among students in the year 2019. calculate the interest on the drawings of Gopal. Profits are to be shared in the ratio of 4:3:1 but excess claimed by Rakesh over his normal share has been guaranteed by Ram and Mohan in the ratio of 2:1. The profits were to be shared in the ratio 2:3:5. Solution 91         Total Drawings = Drawing Amount × Number of quarter in a year. A and  B are partners sharing profit and losses equally with capitals of Rs. (v) Interest on drawing was to be charged @ 6% p.a. 12,00,000, Rs. You are required to give the necessary journal entry. The profits for the year ended 31st March, 2016 amounted to Rs. 10,000 respectively. (i) X draws Rs. 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. (c) X wants to introduce his son Rajesh into the business. 7,500. 6,00,000 respectively. 1,50,000. 90 and Rs. 15,000 x 6  = Rs. (iv) B was allowed a commission of 10% of net profit as shown by Profit & Loss Account, after charging such commission. 20,000 from his capital and B introduced Rs. Name any six items which are shown in ‘Profit and Loss Appropriation Account’. 37,500. 30,000 and B withdrew Rs. 72,000, Kajal’s Profit = Rs. Turnover for the year was Rs. (c) Profits to be shared by them in the ratio of 3 : 2. and Ruchi: Rs. was inadvertently ignored. A and B are partners sharing profits and losses in the ratio of 3:1. (B)     X, Y and Z are partners in a firm. 5,20,000 – (Rs. The firm made a profit of Rs. They admit Rakesh as a partner and guaranteed that his share of profit shall not be less than Rs. 1,75,000 to the firm, while A wants to return 1,00,000 only. 1,250 and on Munna's drawings Rs. If  total profits were Rs. 1,00,000 and Rs. 10,00,000 and B Rs. 30,000. 20,500 = Rs. 45,000. 11,200 + Rs. Accounting to the partnership deed they were entitled to an interest on capital @ 5% p.a. DK Goel solutions are created by SelfStudys experts in their respective Accountancy field. 3,00,000 and Rs. 60,000 at the end of seven months. (i) P withdrew Rs. May 1st, 2018 - Dk Goel 2016 Textbook Solutions for Class 13 Accountancy Chapter 1 Accounting Equations Solutions for Class 13 Accountancy Chapter 12 Financial Statements''Dk Goel Accounts Book Class 12 Solutions Pdf Shmups De 3,00,000. Solution 11. 90,000. Prepare the P & L Appropriation A/c, Capital Accounts and Current Accounts. 50,000 respectively. After the preparation of final accounts. On July 1, 2016 they introduced further Capitals of Rs. 800 at the beginning of every month for the six months ending 31st March, 2018. 9,00,000 and Ramesh Rs. Deficiency will be contributed by Vikas and Vivek in the ratio 2:3. 25,000 x 6  = Rs. In the absence of a partnership deed, the under mentioned provisions of the Partnership Act, 1932 will be applicable:-. (c) Profits were to be shared in the ratios of capitals. Calculate the interest on Drawings of Divya @ 9% p.a. We have solved NCERT Textbook (Partnership Accounts NCERT Solutions). The net profit for the year ended 31st March, 2018, before allowing of charging any interest amounted to Rs. (c) Fresh capital introduced by a partner. (a) Fixed Capitals and Fluctuating Capitals. LearnCBSE.in provided chapter wise detailed solution to the question of the NCERT (National Council of Educational Research and Training ) textbooks. Question 94. 8,00,000 (Cr. 10,000 + Rs. 10,000 = Rs. Solution 11. 80,000. 20,000 – Rs. 50,000, Rukmani’s Profit = Rs. 10,000 at the end of each quarter. B and C want that A should return Rs. The profit for the year ending 31st March, 2019 came to Rs. He wants interest on it @ 8% p.a. 1,80,000 and partners shared profits and losses in the ratio of 2:2:1. According to the partnership deed the partners were entitled to interest on capital @ 10% p.a. (6) Each partner can participate in the conduct of business. 5,000 p.m. and to C Rs. 4,00,000. 8,000 each. Unknown 8 September 2020 at 21:58. plzz give more anshwers for students study. 10,000 p.m. at the end of every month. Raja, Roopa and Mala sharing profits and losses equally have fixed capitals of Rs. (e) Interest on Partner’s drawings:- No interest is to be charged on drawings. 2,00,000 × 3/5 = Rs. He wants to return only 30,000. They share profits in the ratio of 5:3:2. 2,000 per month for the extra time spent by him. 6,00,000 respectively. The rate of interest is 13% p.a. The profits were divided equally without providing for the above. Calculation of Interest on Capital For Girish:-, Interest on Capital = Rs. 20,000 per month for the use of his premises by the firm. Question 31. Their capital accounts at the beginning of the year stood as follows: A Rs. The net profit of the firm for the year before making the above adjustments was Rs. Prepare P & L Appropriation A/c and Capital Accounts. Interest on drawings amounted to Rs. (ii) If he has withdrawn Rs. 2,00,000; Param Rs. 1,00,000, B Rs. The necessary adjustments in the capitals were made by withdrawing or introducing cash. The manager of the firm is entitled to a commission of 10% of the profit before any adjustment is made according to the deed. 1,50,000 – Rs. Anil, Sunil and Sanjay have omitted interest on capitals for two years ended on 31st March, 2016. P, Q  and R were partners and the balance of their capital accounts on 1st April, 2015 were Rs. Show the distribution of profit. 1,00,000 respectively to the firm. Free PDF of DK Goel Solutions Class 12 Accountancy chapterwise Solutions prepared by Subject Experts on Vedantu.com. 6,000 each at the beginning of every quarter. (c) Remaining profits to be shared equally. (C)   A, B and C are partners in a firm. (Time left after first drawing + Time left after last drawing)/2. 20,000, Rs. (1) Interest on Mamta’s Loan has been calculated at 6% p.a. After the accounts of the year had been closed, it was found that interest on drawings @ 6% per annum has not been taken into consideration. 1. 3,00,000 after making all the adjustments. Question 62. X has guaranteed that Z’s share shall not amount to less than Rs. When drawings of equal amounts are made on the first day of every month, interest would be calculated on the total amount of drawings for 6 1/2 months. The book includes Multiple Choice, short-answer type, Value-based, objective type and practical questions at the end of every chapter so that students may examine their understanding of the chapter. DK Goel Accountancy Solutions for Class 12 are precise, clear and easy to understand which serves as a catalyst for the preparation purposes. The questions provided in DK Goel (2019) Books are prepared in accordance with CBSE, thus holding higher chances of appearing on CBSE question papers. Their capitals on 1st April 2018 were Rs. 1,38,000 × 10% = Rs. Prepare Profit and Loss Appropriation Account of the firm. Prepare profit and loss Appropriation Account and Partner’s Capital Accounts. 5,000 per month. 3,00,000. 10,000 p.m. (b) Partners were entitled to interest on capital at 5% p.a. Their Capitals on April 1, 2018 were Rs. 1,50,000 which had been distributed among the partners. For the year ended 31st March, 2018 interest on capital was credited to them @ 10% instead of 9% p.a. 4,00,000 respectively. Thus. 15,000 from his Capital. Interest on capital is to be allowed @ 6% p.a. 800 at the end of every month for the six months ending 31st March, 2018. 1,20,000 during the year. 40,000 on 30th April, 2015; E withdrew Rs. 20,000 on special transaction. Answers and hints to answer the questions have been provided at the end of every question. A, B and C have Capitals of Rs. Z is entitled to a salary of Rs. (ii) B is to get a monthly salary of Rs. Show the necessary adjusting entry for the rectification of the error. 1,00,000. They agreed to allow interest on capital @ 12% per annum and to change on drawings @ 15% per annum. 2,000 and B Rs. interest on his capital. Where I can get the class 12th solutions of the DK Goel. 7,00,000 and Sanjay Rs. X and Y are partners sharing the profits and losses in the ratio 2:1 with capitals of Rs. Instead of altering the signed balance sheet, it was decided to make an adjustment entry at the beginning of the new year crediting or decided to make an adjustment entry at the beginning of the new year crediting or debiting the Partner’s decided to make an adjustment entry at the beginning of the new year crediting or debiting the Partner’s Accounts. Reply Delete. The drawings at the end of the period were Rs. 24,605 before charging salary, interest on Capital and Drawings. 20,000 (Dr.) respectively. (A)          Gopal withdrew Rs. During the year ended 31st March 2019, the firm incurred a loss of Rs. 48,000. 30,000 and Rs. Akruti and Vibhuti were partners in a firm sharing profit in the ratio 2:1. Their profit sharing ratios were in first year 4:3:2 and in second year 3:2:1. Vandana’s deficiency = Rs. On August 1, 2018 they decided that their capitals should be Rs. whereas interest on drawings was to be charged @ 10% p.a. Question 30. But having screenshots already prepared in addition to callouts, explanations, and 6,000 per quarter. The interest on capital will be allowed even if the firm incurs a loss. 90,000. 15,000 – Rs. 3,23,000 × 10% = 32,300, Manav’s Interest on Capital = Rs. on drawings. for the year ended 31st March, 2018, if she withdrew Rs. 3,70,000 × 10%, Calculation of Interest on Capital = Rs. 5,60,000 and Rs. The interest on drawings of partners amounted to A Rs. Question 10. Question 69. 8,00,000, Sunil Rs. 1,50,000. Question 12. 03.2014. He withdrew the following amounts during the year ended 31st March, 2018:-. A and B are partners in a firm. 1,00,000 taken from A on 1st June, 2014. 1,20,000. 3,00,000 and C Rs. 2,500 per month and Munna was to get a commission of Rs. Prepare partner’s capital accounts, assuming that the capital accounts are fluctuating. The drawings of the partners A and B were Rs. 6,000 at the end of quarter. 24,000 was divided between the partners in their profit sharing ratio, but interest on capital at 5% p.a. 65,000, General Reserve is 10% of Rs. A, B and C are partners sharing the profit and losses in the ratio of 2:3:5. Question 29. 30,000 on 31st March, 2016. 75 respectively. 10,000 as further capital on the same date. 3,00,000 × 1/3 = Rs. 3,00,000 respectively. for the year ended 31st March 2018, if she withdrew Rs. The profit for the year ended 31st March, 2016 amounted to Rs. 5,000 per month. They charge 8% p.a. 50 respectively have been ignored. Calculation of Net Profit = 7,60,000 – Rs. 15,00,000 respectively. 5,000 per month; Q  Rs. 2,00,000, B’s Capital will be = Rs. Calculate interest on drawings @ 10% p.a. Drawings being Lata Rs. for the year ended on 31st March, 2018. 3.) You are required to prepare for the year 2014-15 : (i) Profit and Loss Appropriation Account. A large number of value-based questions have been provided at the end of every chapter. The clauses of their partnership deed provided for : (a) Interest on capital to be allowed at the rate of 10% per annum. 90,000 and Rs. (iv) Question  will get commission of 5% on profit after deducting of interest, salary and commission (including his own commission). During the year A withdrew Rs. (a) Salaries of Partners:- No partner is entitled to any salary or commission for taking part in running the firm’s business. 4,32,000. Show the distribution of profit/losses for the year ended 31st March, 2019, in the following cases: Case (a) If the profits before interest for the year amounted to Rs. You are required to pass the necessary journal entries to rectify the lapse in accounting. 3,500. Profits Rs. 3,00,000 which have been duly distributed among the partners, but the following transactions were not passed through the books:-. Question 16. Given the necessary adjusting journal entry. Question 30. In this modern world everyone is looking for e-books because it is very handy and you can easily carry it in your cell phones or laptops. 30,000 and Rs. 6,500 for Kajal. The profit for year ended 31.03.2018 was Rs. Profit distribution between partners:-, Anubha’s Profit = Rs. 80,000. Mention the items that may appear on the credit side of the Capital Account of a partner when the capitals are fluctuating. (iii) Commission to Manager @ 10% after charging such commission. 4,00,000. Prepare Profit and Loss Appropriation Account of Brij and Nandan for the year ended 31. Pass the necessary adjusting journal entry. A and B share profits in the ratio of 2:1. 30,000 for the year ended 31st March, 2018. B is to get a commission of 10% on net profit after charging all commissions. 4,00,000 and sharing profits & losses in the ratio of 2:1. Solution 93         Total Drawings = Drawing Amount × Number of quarter in a year. State four important points which must be incorporated in a Partnership Deed. 1.) 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 ₹ Credit ₹ 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 Salary of Anubha = Rs. They distributed the profit for the year ending 31st March, 2020, Rs. Accountancy DK Goel 2018 Textbook Solutions for Class 11. Question 33. Question 97. Solution 29  (B)     Gupta withdraws Rs. (b) Interest on drawings to be charged at the rate of 12% per annum. (B)       A, B and C started business on 1st July, 2015. 20,00,000. Compute interest on capitals for the year ending on 31sy March, 2017. 12,000 , Rs. Question 13. 90,575 for the year ended 31-3-2016. 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. park.. previous year question 60,000 = Rs. 30,800. Their Drawings during the year were Rs. 1,50,000, Radha’s Profit = Rs. Vibhuti (Rs. 60,000 p.a. 2,60,000 – Rs. 6,00,000 – Rs. The questions given in DK Goel Solutions are prepared in accordance with CBSE, thus holding higher probabilities of appearing on CBSE question papers. Solution 8. The net profit of the firm for the year ended 31st March, 2018 before making these adjustments was 35,700. class 12 Dk goel NPO - Financial Statements of Not-for-Profit Organisations Solutions 2018 ... Not satisfied 😒😑😒 with the answer u should provide complete solution of every chapter. Sachin, Kapil and Rashmi have been sharing profits in the ratio 3:2:1 respectively. Esha’s Interest on Capital = Rs. These solutions for Class 12 are outlined keeping in mind the current CBSE syllabus, hence possessing a great chance of appearing in the board examinations. Registration of the firm is optional and not compulsory. Give necessary adjusting entry at the beginning of next year. Question 64. 7,00,000 and F Rs. 85,000, before allowing interest on Loan of Rs. Question 21. 50,000 = Rs. (i) A wants that profits should be shared in the capital ratio. Shankar and Manu are partners in a firm. 16,000, P’s Profit = Rs. 1,50,000 to the firm. 3,00,000, A’s Capital will be = Rs. Question 3. The partnership deed provided that A is to be paid salary @ Rs. Profits for the year ended 31st March, 2018 before adjustments of interest on drawings and of salary were Rs. 46,000, Calculation of Interest on Capital For Y:-, Interest on Capital = Rs. Question 32. Question 103. In additional A was also entitled to draw a salary of Rs. 20,00,000. 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. They share profits and losses in the ratio of 2:1:1. DK Goel Textbook Solutions are outlined by subject matter experts. (ii) Lata to get a salary of Rs. Dk goel accounting solutions 12 class. 50,000 on 30th June 2015 and F withdrew Rs. 800 at the end of every month for the six months ending 30th September, 2013. 500 respectively. Divide the profits among partners. 2,00,000 and Rs. 70,000. 1,20,000 × 2/5 = Rs. Question 61. 8,00,000; B Rs. 10,000; August 31: Rs. 2,000, respectively. on the Capitals. You are required to put through adjusting entry as on 1st April, 2017, if the profits were shared as follows in 2016, 2:2:1 and in 2017, 3:4:3. Net Profit for the year ended 31st March, 2018 amounted to Rs. The interest on Drawings for A being Rs. 4,00,000, Rs. DK Goel Solutions Class 12 Part 1. 30,000 at the end of six months. Question 5. 2,26,440 before allowing interest on partner’s loan. (3) No interest is to be charged on drawings. 2,00,000 respectively. Question 68. (e) The annual drawings were: B Rs. 40,000 respectively. Show adjusting entry to be made in the next year for above adjustments. 1,00,000 from his capital. Solution 9. The firm earned a profit of Rs. 1,50,000 from M. The Net Profit of the firm for the year ended March 31, 2017 after charging interest on M’s Loan was Rs. A and B are partners but they do not have any partnership agreement. 1,72,000. (d) A is to be paid a salary of Rs. 12,000 and Rs. Their partnership deed provided for the following: (i) A providing his personal office to the firm for business use charging yearly rent of Rs. 6,00,000 respectively. Question 14. 2,00,000 respectively. 400. 5,00,000 (Cr.) Their fixed capitals as on 31st March, 2018 were A Rs. (vi) Partner's salaries: Simmi Rs. They contributed capitals of Rs. 2,52,000. As per the partnership deed they are to be allowed interest on capital @ 8% p.a. 5,000 at the end of every month. Hence, the deficiency of Rs. 6,00,000. How would you calculate interest on drawings of equal amounts drawn in the middle of every month? According to the deed, interest on capitals is to be allowed at 8% p.a. 9,400. The partnership deed provided that Akruti was to be paid salary of Rs. 1,30,000 – Rs. Question 69. Prepare relevant account to allocate the profit in the following alternative cases: (i) If profit for the year is        Rs. (A)          Mohan, Vijay and Anil are partners, their capitals being Rs. Prepare an account showing the allocation of Profits. D, E and F were partners in a firm sharing profits in the ratio of 5:7: 8. 2,80,000 for the year ended 31st March, 2016 before charging any of the above items. Calculate the interest on Drawings of Tarun @ 8% p.a. 1,000 p.m. regularly on the first day of every month during the year ended 31st March, 2014 for personal expenses. In addition, Rukmani is entitled to a salary of Rs. Question 86. 60,000 in proportion to their capitals. The drawings of Lalan and Balan during the year were Rs. 48,000, Profit after charging Interest on capital and B’s Commission = Rs. 74,040. You are informed that A has withdrawn Rs. Interest on Pappu's drawings was Rs. Profit distribution between partners:-, X’s Profit = Rs. Question 80. Download solutions... Download latest 2021 Sample Papers for Class 12 Accountancy as per CBSE NCERT pattern and syllabus. The questions provided in DK Goel (2019) Books are prepared in accordance with CBSE, thus holding higher chances of appearing on CBSE question papers. You are required to prepare a Profit and Loss Appropriation Account for the year ended 31st March, 2017. 5,000 + Rs. 2,00,000 + Rs. (b) They are to be charged interest on drawings @ 4% per annum. 3,00,000, Rs. 2,00,000, Capital in the beginning on 1st April, 2015 = Rs. 4,57,500, Vivek’s Contribution = Rs. 2,000 on the first day of each month and Namit draws Rs. 6,00,000 and Rs. Question 90. Sharing of Profit/Losses:- Profit/Losses are shared equally by the partners. Question 84. 3,00,000. (2) Net Profit after deducting interest on capitals, salary and P’s commission: Rs. 1,80,000 were distributed. Arun and Arora were partners in a firm sharing profits in the ratio of 5: 3. 1,50,000 respectively, and were fixed. Question 19. and interest on drawings @ 10% p.a. 60,000 + Rs. (ii) A has contributed Rs. The net profit for the year amounted to Rs. Calculate interest on drawings of Mr. A @ 9% p.a. Prepare Profit and Loss Appropriation Account of Vikas, Vivek and Vandana for the ended 31-3-2015. Question 22. Free PDF download of DK Goel Solutions for Class 12 solved by Expert Teachers on Vedantu.com. Accuracy is one of the main features of the Solutions. 2,40,000 = Rs. 15,000 at the end of every quarter. The CBSE Solutions for DK Goel accountancy has been created by accounts teachers are StudiesToday.com. 4,000 from the firm in the middle of every month. A and B started a partnership business on 1st April, 2018. 130, Rs. Case (d) Interest on capital was credited @ 10% p.a. Prepare the Profit and Loss Appropriation Account by taking into consideration the following information: (i) Partners capital on April 1, 2015 : Simmi 30,000; Sonu 60,000. (A)    Mr. Ashok Gupta is a partner in a firm. The rate of interest on Drawings is 6% p.a. 3,00,000; B Rs. 3,00,000 respectively. They have omitted interest on capital @ 8% p.a. 1. interest on his capital. 1,00,000 respectively by way of capital on which they agree to allow interest at 12% p.a. 60,000, Rs. (b) Next Rs, 1,00,000 in the ratio of 4:3:1. 42,000. Prepare a Profit & Loss Appropriation Account if (i) partnership deed is silent as to the treatment of interest as a charge or appropriation, and (ii) partnership deed provides for interest even if it involves the firm in loss. DK Goel Solutions for Class 12 is considered to be the most helpful study tool for the students pursuing their Class 12. paper. Drawings during the year ended 31st March, 2015 were A Rs. 3,35,000. The profit for the year ended 31st March, 2016, after debiting partnership salaries, but before charging interest on capitals, was Rs. (d) Profit sharing ratio:- Profit and losses are to be shared equally irrespective of their capital contribution. 4,00,000 + Rs. and the profits for the year are Rs. 4,80,000 × 10/100 = Rs. 10,000 per quarter.