2,00,000 + Rs. DK Goel Solutions for Class 12. Their fixed capitals were Rs. 4,32,000 × 8/108 = Rs. Interest on capital was to be allowed @ 6% p.a. Question 56. 10,000 = Rs. (i) B will be given interest on his loan @ 6% p.a. 1,00,000 taken from A on 1st June, 2014. 30,000 and Rs. 5.) The questions given in DK Goel Solutions are prepared in accordance with CBSE, thus holding higher probabilities of appearing on CBSE question papers. (ii) If he has withdrawn Rs. It is a scoring subject and covers a professional pathway to several other related professions such as CA, CMA and ICWA. 5,000 p.m. and to C Rs. Question 14. 4,00,000. After considering the above factors, you are required to prepare the profit and loss appropriation account and the capital accounts of the partners. 3,00,000 + Rs. The rate of interest is 13% p.a. (b) A used Rs. 8,00,000 and Rs. 1,92,000, Q’s Profit = Rs. Question 63. Current Account’s Balance as on 1st April, 2017 were as: Amit: Rs. Rs. 6,00,000 and 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. Below are the provisions of the partnership Act, in the absence of Partnership Deed:-. 12,000 , Rs. 2,00,000 p.a. Prepare Profit and Loss Appropriation Account for the year 2017-18. Question 74. 10,000 per month. 5,00,000, E Rs. Enter pincode to get tutors in your city. 5,000 at the beginning of each month, B has withdrawn Rs. 1,20,000 and Rs. (B)    X, Y and Z are partners with capitals of Rs. C has withdrawn Rs. Question 27. 10,000 per year. 2,500. Tulsi and Kabir are partners sharing profits in proportion of 3 : 2 with capitals of Rs. 78,600. 2,50,000 and Rs. 50,000; Rs. 5,60,000 and Rs. Question 16. 1,00,000; X is entitled to 40 per cent; Y to 35 per cent and Z to 25 per cent, over that amount profits are shared equally. (iv) Question  will get commission of 5% on profit after deducting of interest, salary and commission (including his own commission). 60,000 = Rs. Interest on capital was to be provided @ 8% p.a. Question 78. 10,000 p.m. at the end of each month; (ii) Question  withdrew Rs. Question 21. and salary to B @ Rs. 2,500 per month. Their partnership Deed provided for the following: D withdrew Rs. for the year ended 31st March 2018, if she withdrew Rs. 3,35,000. 40,000 and Rs. Mention difference between the following:-. Profits for the year 2018 amounting to Rs. Weightage to each topic has been given as per the marks allotted to it by the CBSE. 60,000 per annum salary to Suresh and salary 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. Question 104. He wants interest on it @ 8% p.a. 10,000 p.m. (b) Partners were entitled to interest on capital at 5% p.a. (e) The annual drawings were: B Rs. The profit were to be divided as follows: (a) The first Rs. 10,000 = Rs. During the year ended 31st March, 2016 the firm earned a profit of Rs. Keep yourself updated with all latest news and also read articles from teachers which will help you to improve your studies, increase motivation level and promote faster learning. Solution 26. Given the necessary adjusting entry on 1st April, 2016. 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. 4,57,500, Vivek’s Contribution = Rs. (A)     A, B and C are partners in a firm. Click here to download NCERT Solutions for questions of Class 12 Accountancy NCERT Book. 2,20,000 which was distributed without providing for the following: (i) Salary to B Rs. 1,12,500 = Rs. Question 68. Net profit for the year ending 31st March, 2017 amounted to Rs. You are required to show necessary account for division of loss and pass necessary journal entries. Question 8. 2,00,000 and Rs. 9,500 + Rs. 2,000 (Cr.) 30,000 and B withdrew Rs. Case (b) Interest on capital was not credited @ 8% p.a. Drawings during the year 2018-2019 had been: P Rs. The necessary adjustments in the capitals were made by withdrawing or introducing cash. 3,20,000 × 40/100  = Rs. Their Current Account balances were A: Rs. A, B and C were partners in a firm. Their capitals on 1st April 2018 were Rs. On 1stApril, 2014 their capitals were: P- Rs. Authors: D.K. 17th Edition ₹495. 1,20,000 during the year. 8,00,000, Sunil Rs. For six months ending 31st March, 2018: A drew regularly Rs. 20,000 respective 1st April, 2017, on which they are entitled to interest @ 6% p.a. 20,000 – Rs. 2,00,000, Rs. Pass the necessary adjustment entry showing the working clearly. The Profit and Loss Account for the year ended 31.03.2017 disclosed a profit of Rs. 2,40,000 = Rs. Question 11. Access NCERT Solutions for Class 12 Accountancy. A is entitled to  and B  of the profit. So the expenses divided into their expenses ratio which is 32,000 : 24,000 or 4 : 3. 50,000 respectively. Their fixed capitals on 1st April, 2015 were D Rs. 5,000 per month. You are required to give the necessary journal entry. 500 per month. Mention the items that may appear on the credit side of the Capital Account of a partner when the capitals are fluctuating. Accounting to the partnership deed they were entitled to an interest on capital @ 5% p.a. 2,55,000, T’s Share of Profit = Rs. Such interest shall be paid even if there are losses to the firm. 10,000 p.m. in the beginning of every month. Solution 9. 18,000 and Rs. During the year ended 31.03.2014, the firm earned a profit of Rs. 30,000, Rs. 800 at the beginning of every month for the six months ending 31st March, 2018. Question 30. 6,00,000 and Rs. calculate the interest on the drawings of Gopal. Show how the partners should divide this amount on the basis of effective capital employed by each partner. 10,00,000 and B Rs. 56,000. 9,00,000 without providing for the following: (ii) Salary to B and D @ Rs. 1,60,000 × 10%, Calculation of Interest on Capital = Rs. 5,25,000 respectively. 20,000 on special transaction. Below are the items that may appear on the credit side of the Capital Account of a partner when the capitals are fluctuating:-. Calculate interest on drawings of A for year ended 31st March, 2018. (a) A used Rs. ), Namit: Rs. X’s Interest on Capital = 50,000 × 6% = 3,000, Y’s Interest on Capital = 30,000 × 6% = 1,800, Profit and Loss Appropriation (Distribution of Profit):-. Question 2. A and B are partners in a firm sharing profits or losses in the ratio of 2:3 with capital of Rs. Interest is allowed on capital @ 5% p.a. 18,000 at the end of each quarter; Case (viii) If he withdrew Rs. (c) Interest on Loan:- Interest at the rate of 6% p.a. They share profits in the ratio of 2:1. Their fixed capitals were: Kumar Rs. Question 50. 2,00,000; Rs. X, Y and Z contribute Rs. for the year ended 31st March 2018, if she withdrew Rs. 1,30,000 – Rs. Question 12. Raja, Roopa and Mala sharing profits and losses equally have fixed capitals of Rs. X wants interest on capital @ 12% p.a. 90,000 at first but withdraws Rs. 36,000, Total Interest on Capital paid to X = Rs. 1,35,000 × 1/2 = Rs. 5,20,000, Question  = Rs. While preparing the final accounts, interest partner's capital was not allowed. 25,000 x 6  = Rs. The questions given in DK Goel Solutions are prepared in accordance with CBSE, thus holding higher probabilities of appearing on CBSE question papers. A’s Interest on Capital = 4,00,000 × 8% = 32,000, B’s Interest on Capital = 3,00,000 × 8% = 24,000, The profit is Rs. They agreed to allow interest on capital @ 12% per annum and to change on drawings @ 15% per annum. Give necessary journal entry to rectify the accounts. 1,80,000. 49,500 × 10/100 = Rs. The net profit of the firm for the year ended 31st March, 2018 before making these adjustments was 35,700. 2,00,000 and Rs. 30,000 per quarter to each partner. Pass necessary rectifying entry for the same. The profits Rs. On March 31, 2016 after the close of accounts, the capitals of Mountain, Hill and Rock stood in the books of the firm at Rs. Question 92. for the year ending 31st March, 2016. They share profit in the ratio of 1:2. 60,000 and Arora Rs. 10,000 and C: Rs. 5,00,000 and Question  – Rs. 26,500, Capital at the end of the year on March 31, 2016 = Rs. for the year ended 31st March, 2018 in each of the following alternative cases : Case (a) if his drawings during the year were Rs. 2,58,000 × 10% = 25,800, Daman’s Interest on Capital = Rs. Solution 96         Total Drawings = Drawing Amount × Number of months. Calculate interest on drawings @ 9% p.a. At the end of the year ending 31st March, 2018 it was founds out that interest on capitals @ 12% p.a. 5,500, After charging A’s commission and his commission, B’s Commission = Rs. Dk goel accounting solutions 12 class. The drawings of Akruti were Rs. (ii) Interest on capital @ 8% p.a. They admit Rakesh as a partner and guaranteed that his share of profit shall not be less than Rs. 24,000 respectively for their personal use. 12,00,000, Rs. Question 105. Calculate the interest on drawings of Sh. The following was the Balance Sheet of the firm as at 31.3.2016. Question 82. 1,000 per month were not adjusted from the profits. 20,000; B Rs. Question 61. Solution 95         Total Drawings = Drawing Amount × Number of months. Solution 30   (C)          Total Drawings = 9 × Rs. 40,000 drawn on 1st July 2019 and Vibhuti withdrew Rs. During the year ended 31st March 2019, the firm incurred a loss of Rs. A, B and C were partners in a firm having capitals of Rs. You are required to pass the necessary journal entries to rectify the lapse in accounting. Their partnership deed provided for the following: (i) A providing his personal office to the firm for business use charging yearly rent of Rs. 1,000 (Dr.). B has withdrawn Rs. Question 25. 3,00,000 and Rs. The partnership deed provided that in on capital will be allowed @ 12% p.a. 6,00,000 respectively. (b) X spends twine the time that Y devotes to the business. The profit for the year ended 31st March, 2019 before making above appropriations was Rs. 6,000 p.a. Question 15. The questions provided in DK Goel (2019) Books are prepared in accordance with CBSE, thus holding higher chances of appearing on CBSE question papers. 4,75,000 and Rs. Thus. Interest on capital is to be allowed @ 6% p.a. According to the partnership deed the partners were entitled to interest on capital @ 6% p.a. Solution 8. Question 95. The following adjustments are to be made: (i) The value of stock on March 31, 2019 was Rs. The profit of the year was Rs. (iv) Profits were to be shared in the ratio of 3:3:2. 15,00,000 respectively. They charge 8% p.a. Question 16. (c) Commission due to B Rs. 250, Vijay Rs. (5) A partner is entitled to interest at the rate of 6% per annum on the loan given by him to the firm. Solution 91         Total Drawings = Drawing Amount × Number of quarter in a year. 5,000 (Mohan); Rs. 1,250 and on Munna's drawings Rs. 1,20,000 = Rs. A, B and C entered into partnership on 1st April 2016 with capital of Rs. Vandana’s deficiency = Rs. (C)       A, B and C started business on 1st July, 2015. 1,50,000 – Rs. Calculate the interest on Drawings of Charulata @ 9% p.a. Question 2. P and Q  are partners sharing profit and losses in the ratio of 60:40. 70,000 × 5% = Rs. Calculation of Net Profit = 7,60,000 – Rs. 5,800. (B)     The capitals of A, B and C stood at Rs. The profit of the firm for the year ended 31.3.2011 before all above adjustments were Rs. Lata and Mamta are partners with capitals of Rs. 7,70,000 but the partners could not agree upon the rate of interest on loans and the profit sharing ratio. Fill up the missing figure in the following accounts: Question 18. 2,00,000; Rs. 10,000 p.m. at the end of every month. solution, icse-allied publishers 10,00,000 and Rs. 5,000 + Rs. Profit for the year ended 31st March, 2018 was Rs. They share profits in the ratio of 5:3:2. 4,32,000, A’s Commission (after charging B’s commission own commission) = Rs. Question 69. Question 12. In order to learn Accountancy efficiently and score well in the upcoming examinations, Check here all solutions: Lakhmir singh and manjit kaur On 31st March, 2014, the balances in the capital accounts of Esha, Manav and Daman after making adjustments for profits and drawings were Rs. 5,000 = Rs. 7,60,000. (ii) Change depreciation on Building at 10%. Sachin, Kapil and Rashmi have been sharing profits in the ratio 3:2:1 respectively. Solution 93         Total Drawings = Drawing Amount × Number of quarter in a year. We have solved NCERT Textbook (Partnership Accounts NCERT Solutions). The National Mission for Clean Ganga (NMCG) is organising the annual ‘Ganga Utsav’ on November 2nd , 3rd & 4th, 2020 on a virtual platform. 1,10,000, (ii) If profit for the year is       Rs. Question 6. 7,00,000 and F Rs. 3,00,000. 1,95,000 – Rs. 4,80,000 × 10/100 = Rs. 50,000 respectively to the firm. is to be allowed on a partner’s loan to the firm. (d) X has given a loan of Rs. Profit for the year ended 31st March, 2015 Rs. 1,00,000; Rs. 50,000 and Rs. DK Goel Solutions Accountancy furnishes a wide range of solutions that certainly supports the students to understand, analyse and solve them. Their capitals as on 1st April, 2016 were Rs. 6,00,000 respectively. Pass adjustment entry. They have omitted interest on capital @ 8% p.a. Prepare Profit and loss Appropriation Account. Ledger.Solution 2: DK Goel Solutions Class 11 Accountancy Ledger Dk Goel Accountancy Class 11.pdf - Free download Ebook, Handbook, Textbook, User Guide PDF files on the internet quickly and easily. 22,400 + Rs. 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. Interest on drawings amounted to Rs. You are informed that. When drawings of equal amounts are made in the middle of every month, interest would be calculated on the total amount of drawings for 6 months. Question 14. The net profit for the year ending 31st March, 2016 amounted to Rs. 5,000 at the end of each month and C has withdrawn Rs, 24,000 at the beginning of each quarter. Question 47. 2,34,000. 800 at the end of every month for the six months ending 31st March, 2018. 1,20,000, Total Drawings of C    = Rs. Class 12 NCERT Accountancy Books are created by the best professors who are experts in Accountancy and have good knowledge in the subject. 1,50,000 respectively, and were fixed. 40,000 each. which was omitted to be provided before distribution of profits. The profits during the year were Rs. Anil, Sunil and Sanjay have omitted interest on capitals for two years ended on 31st March, 2016. 15,000 and Rock Rs. After division of the profits for the year ended 31-3-2016 their capitals were: E Rs. and charged on drawings @ 12% p.a. 2,00,000; Rs. even if it involves the firm in loss and the profits for the year are Rs. It was subsequently ascertained that interest on capital @ 10% p.a. 10,00,000, Rs. If  total profits were Rs. 17,400 × 1/3  = Rs. 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. 8,000 + Rs. If the Partner’s Capital Accounts are fixed, where will you record the following items:-. (c) Fresh capital introduced by a partner. 90 and Rs. Their fixed capitals were Rs. 64,000 + Rs. 1,81,000 and the partners had drawn Rs. NCERT Class 12 Accountancy Books are provided in PDF form so that students can access it at any time anywhere. 60,000 in proportion to their capitals. 3,70,000 × 10%, Calculation of Interest on Capital = Rs. Girish and Satish are partners in a firm. X has guaranteed that Z’s share shall not amount to less than Rs. Practical questions provided at the end of every chapter are based on the latest CBSE question papers and these are numbered according to the pictures. interest on their capitals and divide the profits in the ratio of 3:2:1. 1,000, Rs. Interest on drawings is to be charged @ 12% p.a. Question 83. (ii) C was entitled to a commission of Rs. Y objects it. In the absence of a partnership deed, the under mentioned provisions of the Partnership Act, 1932 will be applicable:-. Question 40. 30,000. 1,00,000 as additional capital and N withdrew Rs. 24,000 was divided between the partners in their profit sharing ratio, but interest on capital at 5% p.a. Interest on capital was to be allowed @ 5% per annum and interest on drawings was to be charged @ 6% per annum. 6,000. DK Goel Solutions are well known in the stream for Commerce. 24,000 for the use of his property by the firm. Question 70. 5,20,000 – (Rs. and charging interest on drawings @ 10% p.a. 10,30,000 before making above adjustments. 1,20,000 – Rs. 2,00,000 respectively. 90,575 for the year ended 31-3-2016. Accountancy (Part-A) Vol-I, Class- XII Average rating Read all reviews. 12,000; B Rs. 1,500. 4,75,000 × 6% × 4/12, Interest on Capital = Rs. The partnership deed provided for the following but the profit for the year was distributed without providing for: (ii) Kumar’s salary Rs. Drawings during the year were as follows : A                      B                      C, 1st June, 2017           2,000               2,000              2,000, 1st Oct. 2017              1,000               1,500              1,000, 1st Dec. 2017             500                  1,000                500. The CBSE Solutions for DK Goel accountancy has been created by accounts teachers are StudiesToday.com. 4,00,000; Rs. (A)          Mohan, Vijay and Anil are partners, their capitals being Rs. 2,70,000 for the year ended 31st March, 2018 before charging any of the above items. 50,000. at an average of six months. Business is being carried from the property owned by Radha on a yearly rent of Rs. A is entitled a commission of 8% on net profit remaining after deducting interest on capital and after charging all commission. Question 20. and Ruchi: Rs. Give adjusting entry. Sharing of Profit/Losses:- Profit/Losses are shared equally by the partners. Accountancy DK Goel 2018 Textbook Solutions for Class 11. Question 31. 4,00,000; C Rs. 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. Assuming that the Capital are (a) Fixed, (b) Floating, show the Partner’s Capital Accounts Current Account and Profit and Loss Appropriation Account. 4,000 p.m. for six months ending 31st March, 2016. During the year ended 31st March, 2015, they earned a net profit of Rs. 50,000 = Rs. (1) Profit and losses are to be shared equally. NCERT Accountancy Book download for Class 11 and 12 in English and Hindi Medium. DK Goel Solutions for Class 11 Accountancy Chapter 9 Books of Original Entry - Journal Q.1 Prepare a journal of Manohar Lal & sons from the following transactions 2018 ₹ March 1 Manohar Lal & Sons started a business with cash 60,000 2 Purchased furniture for cash 10,000 4 Purchased goods for cash 25,000 5 Bought goods from Kamlesh 15,000 4.) Case (ii) If he withdrew Rs. Question 72. Prepare the Profit and Loss Appropriation Account for the year ended 31st March, 2016. Question 98. They distributed the profit for the year ending 31st March, 2020, Rs. A is entitled to receive a salary of Rs. ICSE - goyal brothers 2,00,000. On 1st April, 2014 they admitted Z for 1/4th share in the profits. 4,000 p.m. on the last day of every month for six months ending 31st March, 2016. Prepare profit and loss Appropriation Account and Partner’s Capital Accounts. Question 11. The Partnership deed further provided that interest on capital will be allowed fully even if it will result into a loss to the firm. You are required to compute interest on capital for the year ending March 31, 2019. 4,50,000 for the year ended 31.3.2016 were divided between the partners without allowing interest on capital @ 9% p.a. (ii) A has contributed Rs. Calculate interest on drawings at 15% p.a. A/c = Rs. In the absence of a partnership deed, how are mutual relations of partners governed? 60,000 – Rs. (C)   A, B and C are partners in a firm. Each partner is entitled to 10% p.a. During the year A withdrew Rs. Assuming the capitals are fixed in Question 61 (A), (B) and (C), give the necessary adjusting journal entry. 20,000 each; (ii) Interest on capital will be allowed @ 8% p.a. Question 81. 1,500 for A and Rs. interest on his capital. A, B and C have Capitals of Rs. 4,30,000, Profit of transferred to Capital account = Rs. 1,80,000 were distributed. 10,000 and C Rs. Prepare Profit and Loss Appropriation Account for the two years. DK Goel Solutions for Class 12 are considered to be one of the best Solutions to be referred for the core subject of commerce stream. (d) A and B want to purchase goods from Raghubir for the firm but does not agree. DK Goel Solutions have been one of the most preferred book which is used by commerce students of Class 11 and Class 12 for Accountancy. Interest on drawings is to be charged @ 9% p.a. 3,000 (Anil) for the year ending 31st March, 2018. 13,800, R’s Interest on Capital = Rs. 5,00,000, Rs. 9,400. Case (b) If the loss before interest for the year amounted to Rs. 4,800, B’s Interest on Capital = Rs. and charged on drawings at the same rate. 6,000 on 1st October, 2015 and rate of interest on drawings is 8%. A, B and C were in partnership sharing profits in the ratio of 1:2:3. 2,00,000 and Rs. 50 respectively have been ignored. 1,00,000. Hence, high scores are certainly needed for students who would like to choose for these professions. 4,60,000 respectively. These Solutions are unquestionably helpful for students to practice on a daily base. 2,00,000, B’s Capital will be = Rs. Drawings during the year ended 31st March, 2015 were A Rs. if she withdrew Rs. 5,00,000 respectively. 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. Their fixed capital were: Suresh Rs. Vikas and Vivek were partners in a firm sharing profits in the ratio of 3:2. 2,65,000, Calculation of Interest on Capital = Rs. Replies. Interest on capitals is agreed at 6% p.a. Accountancy CLass 12 Book Pdf Accounts Book PDF Class 12. (d) Interest will be charged on partner’s annual drawings at 4%. 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. 4,00,000 and Rs. 1,00,000; Rs. The profits of the last four years were Rs. 2,00,000 while or Manu gave a loan of Rs. The net profits for the year ended 31st March, 2018 were Rs. 4,80,000, B’s Commission = Rs. Question 13. 64,000 – Rs. Pass an adjustment entry to rectify the above error. Vikas’s Contribution = Rs. 5,00,000. Question 77. (ii) In the absence of any agreement of the contrary, profit will be shared equally, irrespective of their capitals. There are numerous concepts in Accountancy, but the concept of Trial Balance, Depreciation and Bank Reconciliation Statement (BRS) is required. Most of the solutions given in DK Goel Accountancy solutions are most likely to appear in the board exams. 3,00,000. The partnership deed provided that Pappu was to be paid salary of Rs. X is given a guarantee that his share of profits in any given year would be Rs. X, Y and Z are partners in a firm sharing profits and losses in the ratio 5:3:2. Question 29. Question 39. Interest on Loan:- Interest at the rate of 6% p.a. Also show the working notes clearly. 80,000, B’s Interest on Capital = Rs. During the year they withdrew Rs. 5,50,000. LearnCBSE.in provided chapter wise detailed solution to the question of the NCERT (National Council of Educational Research and Training ) textbooks. 60,000. The partnership deed provided fort the following: (ii) Rs. A firm is reconstituted on the occasions of :-1.) Question 9. NCERT Class 12 Accountancy Books in English PDF Download. (b) Next Rs, 1,00,000 in the ratio of 4:3:1. Drawings of the partners were Rs. During the year ended 31st March 2016 they earned a profit of Rs. 90,000. The profit for the year ended 31st March, 2016 amounted to Rs. Both partners withdrew 35,000 at the beginning of every month for the entire year. Ganesh @ 9% p.a. 94,000 × 10% = Rs. ; (iii) A will get a quarterly rent of Rs. (ii) B is to get a monthly salary of Rs. 3,00,000 and Rs. 10,000 + Rs. X, Y and Z are in the partnership and on 1st April, 2015, their respective capitals were Rs. We provide all the DK Goel Solutions at zero cost. 2,60,000 – Rs. 4,75,000 respectively. 3,00,000 × 1/3 = Rs. Question 23. Their respective share of profit is 3:2 and the profit for the year is Rs. They decide to allow interest on capital @ 8% p.a. Class 11 Accountancy Solutions by DK Goel chapter-wise are available which are free for all users to download as a PDF or to view online. 15,000 – Rs. 2,00,000; Rs. 4,00,000, prepare a statement showing distribution. When drawings of equal amounts are made on the last day of every month, interest would be calculated on the total amount of drawings for 5 1/2  months. Question 54. 13,000; February 1, 2018; Rs. On July 1, 2016, L brought Rs. 60,000, Rs. Their fixed capitals as on 1st April, 2016, were Rs. The interest on capital will be allowed even if the firm incurs a loss. (iii) A and C had guaranteed a minimum profit of Rs. X and Y were sharing profits in the ratio of 2:1. The terms of partnership are: (i) Interest on the capital is to be charged @ 8% p.a. Prepare the P & L Appropriation A/c, Capital Accounts and Current Accounts. (ii) If the partnership deed provides for Interest on Capital @ 6% p.a. 31,200, Calculation of Interest on Capital For Satish:-, Interest on Capital = Rs. 5,000 = Rs. 2,00,000 respectively. 4,00,000 and Rs. Question 15. During the year ended 31st March, 2018, A’s drawings were: Interest on drawings is charged @ 10% per annum. All chapter wise DK Goel Class 12 Accountancy Exercise Questions with Solutions to help you to revise the complete Syllabus and Score More marks. Such interest shall be paid even if there are losses to the firm. Prepare an account showing the allocation of Profits. 90,000 and 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. The losses for the year ended 31st March, 2015 were Rs. 1,00,000. 1,00,000 and B Rs. Mention the items that may appear on the debit side of the Capital Account of partner when the capitals are fluctuating. 10,000 as further capital on the same date. 6,000 at the end of quarter. 70,000. 3,00,000 and Rs. A large number of value-based questions have been provided at the end of every chapter. 5,000 (Cr. A and B are partners in a firm. On February 1, 2017 Y withdrew Rs. Question 57. Question 44. Profit for the year ended 31st March, 2016 is Rs. The net profit of the firm for the year ended 31st March, 2017, before providing for any of the above clauses was 4,00,000. (b) Interest on Drawings A Rs. Question 55. and the profits for the year are Rs. You are required to prepare for the year 2014-15 : (i) Profit and Loss Appropriation Account. Mention any four provisions of the partnership Act, in the absence of Partnership Deed. 17,250 before any adjustment is made as per partnership deed. Their drawings were Rs. A, B and C are partners sharing profits in the ratio of 4:3:2. Question 30. 3,00,000 and C Rs. Calculate interest on drawings of Mr. C @ 9% p.a. (i) A wants that profits should be shared in the capital ratio. 24,000 has already been credited to the partners in the proportion in which they share profits. Interest on drawings for A and B works out at Rs. Calculate interest on drawings @ 10% p.a. 4,00,000 respectively. Question 58. B and C want that A should return Rs. though there was no such provision in the partnership deed. The profit of the firm for the year ended 31-3-2015 was Rs. Pass the adjustment entry. 15,000 = Rs. 57,000. (6) Each partner can participate in the conduct of business. Question 49. DK Goel Solutions for Class 12 … Calculate the interest on Drawings of Garima @ 9% p.a., if she withdrew Rs. It also helps them throughout the year to complete their homework on time and double check the answers. Question 62. During the year ended 31st March, 2015, they earned a net profit of Rs. Subsequently, it was discovered that the interest on capital @ 10% p.a. 60,000 at the end of seven months. B was entitled to a salary of Rs. On 1st July, 2018 A and B granted loans of Rs. 15,000 quarterly and R Rs. 4,000 for the year. Hence, on 1st August, 2016 A withdraw Rs. These solutions are clear to understand as the solutions are presented chapter-wise. 3,00,000, Capital in the beginning on 1st April, 2015 = Rs. State by giving reasons whether their claims are valid if partnership deed is silent in the following matters:-. 1,35,000 ×1/2  = Rs. Their fixed capitals as on 31st March, 2018 were A Rs. 2,000 per month to Ramesh. Asha is entitled to a salary of Rs. The partnership deed provided that A is to be paid salary @ Rs. 4,000. E, F and G were partners in a firm sharing profits in the ratio of 3:2:1. 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. for nine months ending 31st March, 2016, if he withdrew Rs. 2,00,000 whereas Interest on capital is Rs. A’s Interest on Capital = Rs. Give the necessary adjusting entry. 4.) 75,000 at first but increases it by Rs. P, Q and R are in partnership. 10,000. A and B are partners in a firm sharing profits and losses in the ratio of 2:3. Books are created by Accounts Teachers are StudiesToday.com problems and we will you. Provided for the year ended 31st March 2016 they introduced further capitals of Rs )... 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