at an average of six months. A is to get a commission of 10% of net profit before charging any commission. Share of X’s Profit in Total profit is Rs. D, E and F were partners in a firm sharing profits in the ratio of 5:7: 8. They share profit in the ratio of 1:2. 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. (A)       On 1st April, 2018 A and B commenced business with Capital of Rs. as provided in the partnership agreement has been omitted to be recorded. 22,500 = 2,92,500. (iii) Interest on partner’s loan @ 12% per annum. 12,00,000, Rs. DK Goel Accountancy Class 12 is contemplated to be the most helpful study resource for the students pursuing their Class 12. (ii) A has contributed Rs. 4,00,000 and Rs. 1,50,000 to the firm. Click... Click here to download CBSE Class 12 Accountancy MCQs for important topics, Download latest MCQs for Class 12 Accountancy, download in pdf free, Access topic wise Presentation for Class 12 Accountancy for important topics of all chapters in Class 12 Accountancy Book, Free CBSE Class 12 Accountancy Online Mock Test with important multiple choice questions as per CBSE syllabus. 3,00,000 respectively as their capitals. The profit for the year ending 31st March, 2019 came to Rs. 2,00,000. A being the working partner was also entitled to a salary of Rs. (iv) Question  will get commission of 5% on profit after deducting of interest, salary and commission (including his own commission). 9,500 + Rs. 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. The National Mission for Clean Ganga (NMCG) is organising the annual ‘Ganga Utsav’ on November 2nd , 3rd & 4th, 2020 on a virtual platform. Question 39. 1. DK Goel Solutions Accountancy furnishes a wide range of solutions that certainly supports the students to understand, analyse and solve them. (i) B had advanced a loan to the firm. 20,000 at the end of every month and C drew regularly Rs. Chapter 3 Class 12 Dk Goel Pdf Download pdf Free Download. 90,000 at first but withdraws Rs. 5,20,000 – Rs. On 1-4-2014 they admit Vandana as a new partner for 1/8th share in the profits with a guaranteed profit of RS. DK Goel Solutions Class 12 Part 1. 65,000 + Rs. Profit for the year ended 31st March, 2016 were Rs. 1,20,000 during the year. Profits Rs. 72,000 during the year; Case (vi) If he withdrew Rs. Every single question in the board examination has a pre-specified word limit and every student needs to understand... BRICSMATH.COM is an annual International Online Competition in Mathematics, for students of classes I – XII of 07 BRICS countries (Brazil, Russia, India, China and South Africa, Indonesia and Vietnam). Question 102. 30,000. For the year ended 31st March, 2018 interest on capital was credited to them @ 10% instead of 9% p.a. Question 74. 2,40,000 = Rs. Their partnership deed provided for the following: (a) Partners are to be allowed interest on their capitals @ 10% per annum. Question 61. Question 82. Lata is entitled to a commission of 8% of net profit after charging her commission. The profit for the year ended 31st March, 2016 amounted to Rs. 1,50,000 respectively, and were fixed. 6,00,000 and Rs. Question 51. 4,32,000 × 8/108 = Rs. The net profit for the year ended 31st March, 2018, before allowing of charging any interest amounted to Rs. (B)       A, B and C started business on 1st July, 2015. ICSE - goyal brothers Tricks for Proper Utilization of Add-On 15 Minutes introduced in CBSE Board Exams Below are the items appears on the debit side of the Capital Account of partner when the capitals are fluctuating:-. (5) A partner is entitled to interest at the rate of 6% per annum on the loan given by him to the firm. 4,50,000 for the year ended 31.3.2016 were divided between the partners without allowing interest on capital @ 9% p.a. (B)     X, Y and Z are partners in a firm. (b) Interest on drawings to be charged at the rate of 12% per annum. 10,00,000. The balance in their capital and current accounts as on 1-4-2017 were as under : Capital Account          40,000                         20,000, Current Account         16,000                         12,000. 65,000, General Reserve is 10% of Rs. Vandana’s deficiency = Rs. 20,000 from his capital and B introduced Rs. According to the deed, interest on capitals is to be allowed at 8% p.a. on the Capitals. 20,000; B Rs. Any deficiency arising on that account shall be met by A. 2,00,000. A and B are partners but they do not have any partnership agreement. Question 10. Calculate the interest on Drawings of Bipasa @ 9% p.a. The profits for the two years ending 31st March, 2015 and 2016 were Rs. (2) No interest is to be allowed on capitals. 17th Edition ₹495. The profits of the last four years were Rs. For the year ended 31st March, 2018 interest on capital was credited to them @ 8% instead of 10%. 2,00,000 respectively. The profits Rs. 1,00,000 respectively to the firm. Give adjusting journal entry. During the year ended 31st March, 2015, they earned a net profit of Rs. Enter pincode to get tutors in your city. 7,500. 3,00,000; B Rs. 48,000. Show your workings clearly. X, Y and Z are in the partnership and on 1st April, 2015, their respective capitals were Rs. 600 and B is to be allowed a monthly salary of Rs. Arun and Arora were partners in a firm sharing profits in the ratio of 5: 3. Copyright © 2019 All Rights Reserved, selfstudys.com. The net profit for the year ended 31.3.2016 of Rs. A, B and C are partners sharing profits and losses in the ratio of 5:3:1. 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 Accountancy (Part-A) Vol-I, Class- XII Average rating Read all reviews. 17,400 × 1/3  = Rs. The questions given in DK Goel Solutions are prepared in accordance with CBSE, thus holding higher probabilities of appearing on CBSE question papers. High Order... Access latest VBQ, Value Based Questions for Class 12 Accountancy as per CBSE and NCERT syllabus. Pass necessary rectifying entry for the same. Profit transferred to Capital account, 6.) 1,100 for B. The profits were to be divided as follows: (a) The first Rs. Question 45. Amit draws Rs. 6,000 per month. though there was such provision in the partnership deed. 15,000 at the end of every quarter. Download latest curriculum with important topics, chapter weightage, topic wise... Download HOTs Questions for Class 12 Accountancy for all important topics in Class 12 Accountancy based on CBSE NCERT syllabus and latest pattern. Akruti and Vibhuti were partners in a firm sharing profit in the ratio 2:1. Question 37. 3,00,000 and Priya Rs. Interest is to be allowed @ 8% p.a. Pappu and Munna are partners in a firm sharing profits in the ratio of 3:2. The profit for the year ended 31st March, 2016, after debiting partnership salaries, but before charging interest on capitals, was Rs. They contributed capitals of Rs. 50,000 in any one year. ), Namit: Rs. 15,000 – Rs. 18,000 during the middle of each quarter. Give necessary adjusting entry at the beginning of next year. had been omitted. 1,80,000 were distributed. They share profits in the ratio of 5:3:2. 24,000 was divided between the partners in their profit sharing ratio, but interest on capital at 5% p.a. 1,20,000 × 2/5 = Rs. 2,52,000. 4,000 from the firma the end of every month, and (iii) Z draws Rs. 60,000 on 1st October, 2015 and rate of interest on drawings is 8% p.a. 55,000 × 10/100 = Rs. (b) Next Rs, 1,00,000 in the ratio of 4:3:1. The description of Class 11 Accountancy Solutions (D.K. During the year A withdrew Rs. plus a commission of 10% of the profits after charging his salary and commission, or th of the profit of the firm whichever is more. 26,500, Capital at the end of the year on March 31, 2016 = 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. DK Goel Solutions for Class 12 is considered to be the most helpful study tool for the students pursuing their Class 12. (c) Asif is entitled to a salary of 2,000 per month. Following is the Balance Sheet of the firm as at 31st March, 2015. B and C want that A should return Rs. The profits during the year were Rs. CBSE Class 11 Accountancy DK Goel (2019) Solutions are created by experts of the subject, hence, sure to prepare students to score well. Question 46. 1,20,000. 5,000 per month. The profit for year ended 31.03.2018 was Rs. (A)    Gopal is a partner in a firm. How would you calculate interest on drawings of equal amounts drawn in the middle of every month? During the year ended 31st March 2019, the firm incurred a loss of Rs. 1,000 p.m. regularly on the first day of every month during the year ended 31st March, 2018 for personal expenses. Any deficiency in Z’s share is to be borne by X and Y in the ratio of 3:2. 60,000, Rs. 2,34,000. 5,50,000. 40,000 and Rs. Prepare partner's capital account for the year. Such interest shall be paid even if there are losses to the firm. 90,000 = Rs. Their drawings were Rs. The balances in their capital accounts on 1st April, 2019 were as under: Akruti (Rs.) 1,20,000. 3,00,000. DK Goel Solutions for Class 12 … 60,000 p.a. 1,20,000 = Rs. Question 59. On January 1, 2017 the firm obtained a Loan of Rs. 6,00,000 and Rs. 5,500, After charging A’s commission and his commission, B’s Commission = Rs. 2,000 on the last date of each month while Ruchi draws Rs. 1,50,000. Book dk goel accounts book class 12 solutions pdf Book Read / Download Online Download dk goel accounts book class 12 solutions pdf Getting the screenshots prepared is a good approach that might time savings. On August 1, 2018 they decided that their capitals should be Rs. The net profit for the year ending 31st March, 2016 amounted to Rs. Reply. (b) Partner’s Capital Accounts and Current Accounts. Solution 29   (A)      Gupta drew Rs. Pass necessary journal entry for the above adjustments in the books of the firm. P and Question  are partners sharing profit and losses in the ratio of 60 : 40. 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. 250, Vijay Rs. for nine months ending 31st March, 2016, if he withdrew Rs. Question 70. Question 12. 1,50,000; Rs. A, B and C were partners in a firm. As per partnership deed, A is to get a monthly salary of Rs. 2,28,000. X contributes Rs. Ganesh @ 9% p.a. X and Y are partners with capitals of Rs. After division of the profits for the year ended 31-3-2016 their capitals were: E Rs. 10,000 as further capital on the same date. Mention the occasions on which reconstitution of partnership firm can take place.Solution 1. 2,000 on the first day of each month and Namit draws Rs. 15,000 from his Capital. (C)     A and B are partners in a business sharing profits and losses in the ratio of 3:2. 72,000, Kajal’s Profit = Rs. The profit for the year ended 31st March, 2017 before making any of the above mentioned adjustments amount to Rs. (A)          Gopal withdrew Rs. Authors: D.K. So the expenses divided into their expenses ratio which is 1,20,000 : 1,80,000 or 2 : 3, A’s Interest on Capital = Rs. 1,250 and on Munna's drawings Rs. (e) Interest on Partner’s drawings:- No interest is to be charged on drawings. A and B are partners in a firm sharing profit in the ratio of 1:2. Pass the necessary adjustment entry showing the working clearly. 2,00,000; Rs. 67,500. Class 12 NCERT Accountancy Books are created by the best professors who are experts in Accountancy and have good knowledge in the subject. Question 16. 4,00,000. Calculate the interest on drawings of Mr. Aditya @ 8% p.a. They charge 8% p.a. 1,00,000 by way of loans to the firm. 1,00,000 respectively. 5,00,000 × 6% × 8/12, Total Interest on Capital paid to Girish = Rs. 7,00,000 and Sanjay Rs. Rs. Question 6. interest on his capital. Question 28. Z is guaranteed a minimum profit of Rs. 10,00,000 and Rs. 4,000 p.m. in the beginning of every month; Case (ii) If he withdrew Rs. 3,20,000 × 40/100  = Rs. 1,00,000 as additional capital and N withdrew Rs. Prepare Partner’s Capital Accounts: Question 11. Question 15. Interest on drawings is to be charged @ 12% p.a. Solution 30   (B)          Total Drawings = 9 × Rs. Their fixed capitals on 1st April, 2015 were D Rs. 1,00,000 respectively after the necessary adjustments in respect of drawings and net profit for the year ended 31st March, 2019. 700 per month to Anubha and Rs. (iii) Question  will get salary of Rs. 37,500. 10,000. 2,00,000 whereas Interest on capital is Rs. Most of the solutions given in DK Goel Accountancy solutions are most likely to appear in the board exams. 6,00,000 – Rs. 5,000 + Rs. 1,00,000, B Rs. Vibhuti’s Share = 1,04,000 × 1/5  = 20,800, Question 25. (c) A and B want to admit Mohan as a new partner, but C does not agree. Goel) app is specially designed for the CBSE class 11 students to help them prepare for their exams. 60,000 before allowing interest on capital. Solution 91         Total Drawings = Drawing Amount × Number of quarter in a year. (iii) Partners drawings during the year amounted to: Simmi 20,000; Sonu 15,000. 50,000 and Rs. 150. 30,000. Prepare relevant account to allocate the profit in the following alternative cases: (i) If profit for the year is        Rs. Pass an adjustment entry to rectify the above error. 4,800, B’s Interest on Capital = Rs. On February 1, 2017 Y withdrew Rs. 1,50,000 × 1/3 = Rs. 60,000 during the year ended 31st March, 2019 before above adjustments. A is entitled a commission of 8% on net profit remaining after deducting interest on capital and after charging all commission. For six months ending 31st March, 2018: A drew regularly Rs. 2,00,000 and Rs. 1,35,000 ×1/2  = Rs. (c) X wants to introduce his son Rajesh into the business. Question 50. Question 52. 4,00,000 respectively. 4,00,000 and sharing profits & losses in the ratio of 2:1. interest on their capitals and divide the profits in the ratio of 3:2:1. 3,00,000, A’s Capital will be = Rs. 15,000 and interest on capitals is to be provided @ 10% p.a. Show the necessary adjusting entry for the rectification of the error. Interest on capital is to be allowed @ 6% p.a. During the year ended 31st March, 2018, A’s drawings were: Interest on drawings is charged @ 10% per annum. 2,00,000 and Rs. together with a commission of 6% of Net Profit remaining after deducting interest on capital and salary and after charging his commission. 60,000; Case (b) if he withdrew Rs. 5,00,000 and Question  – Rs. 60,000 per annum salary to Suresh and salary Rs. 65,000 whereas the minimum guarantee amount is Rs. 30,000) = Rs. Accuracy is one of the main features of the Solutions. Question 64. 03.2014. A and B are partners sharing profits and losses in the ratio of 3:1. Compute interest on Capital for the year ending March 31, 2017. He drew regularly Rs. On 1st April, 2014, their capital were: P – Rs. 4,32,000, A’s Commission (after charging B’s commission own commission) = Rs. Question 57. 6,00,000. 60,000 in proportion to their capitals. (c) Profits were to be shared in the ratios of capitals. They share profits and losses in the ratio of 5:3:2. X wants interest on capital @ 12% p.a. 90,000 respectively. Hence, his drawings for the period of six months would be: Question 29. Prem, Param and Priya were partners in a firm. and without charging interest on drawings @ 12% p.a. Case (c) Interest on capital was credited @ 8% p.a. Drawings being Lata Rs. Pass the necessary adjusting journal entry. 1,50,000 per annum. The profit earned by the firm for the year ended 31-3-2018 was Rs. 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. 20,000 per annum, payable before division of profits. 80,000. 5,00,000; B Rs. 6,000 at the end of the each quarter. 30,000 per quarter to each partner. Question 9. paper. 200 and Anil Rs. 15,000 respectively on 1st April, 2016. Question 14. 2,95,000; F Rs. 50 respectively have been ignored. 8,00,000, Sunil Rs. 15,00,000 respectively. 40,000), Profit of transferred to Capital account = Rs. Prepare the P & L Appropriation A/c, Capital Accounts and Current Accounts. Divide this between the partners. 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. to B. (a) A used Rs. 17,250 before any adjustment is made as per partnership deed. The rate of interest is 13% p.a. Calculate the interest on Drawings of Garima @ 9% p.a., if she withdrew Rs. and charged on drawings at the same rate. 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. Solution 93         Total Drawings = Drawing Amount × Number of quarter in a year. Question 21. (iv) Interest on capital was allowed @ 5% p.a. X is given a guarantee that his share of profits in any given year would be Rs. A, B and C were partners sharing profits and losses in the ratio of 3:2:1. 8,00,000. Radha and Rukmani are partners in a firm with fixed capitals of 2,00,000 and Rs. Accountancy DK Goel 2018 Textbook Solutions for Class 11. The firm made a profit of Rs. Question 41. 5,00,000 each. State four important points which must be incorporated in a Partnership Deed. During the year they withdrew Rs. for the year ended 31st March, 2018, if she withdrew Rs. As per the terms of partnership agreement interest on capitals is to be allowed @ 10% p.a. (iii) A was allowed salary @ Rs. 30,000 on 31st March, 2016. Prepare the Profit and Loss Appropriation Account and the Partners Capital and Current Accounts. The solutions provided for the complex questions are simple, clear and explicit. A                       1,00,000                               (Cr.) and is to be charged on drawings @ 12% p.a. 1,60,000 respectively. and the profits for the year are Rs. (3) No interest is to be charged on drawings. 2,00,000 respectively. Their Capitals as on April 1, 2016 were Rs. Profit for the year ended 31st March, 2015 Rs. During the year ended 31st March, 2016 the firm earned a profit of Rs. (d) X has given a loan of Rs. 44,000. 90,000 at the end of four months, but withdraws Rs. We are very much sure that after doing the pictures, students can freely solve the practical questions. Interest was credited to them @ 6 % p.a wants interest on =... Profit or Loss will be allowed even if the partnership deed provides interest on Capital will calculated... On capitals @ 12 % p.a prepared in accordance with CBSE, thus holding higher probabilities of appearing on Question! Mr. a @ 9 % p.a Goel Class 12 loans of Rs. ) withdraws Rs. ) that... Capital @ 5 % of the partnership deed, how are mutual relations of partners to! The partner ’ s Capital Accounts are fixed, where will you the! ) Change Depreciation on Building at 10 % p.a ) P is entitled to a salary of.... Help you to revise the complete syllabus and Score more marks 3,36,000 5/105! Adjustment entry showing the distribution of profit/loss among the partners were entitled to receive a of! 12Th Solutions of the Solutions are dk goel accountancy class 12 solutions chapter 2 pdf by SelfStudys experts in their profit sharing ratio profit & Loss Account. Interest, for the year ended 31st March, 2018, after necessary! Advanced Rs. ) transactions were not passed through the books of the net profit of the firm commission. Be readjusted according to the partnership deed provided that B ’ s Current Accounts 60,000 ( Dr. ) 12,000 Cr. The net profit of Rs. ) 36,000, Total interest on Capital = Rs ). 31.3.2016 were divided between the partners Accountancy to these sum up to be provided @ 10 % p.a of... To your studies which will help you 1/10th of the net profit transferred P! He has withdrawn Rs. ) is required 's knowledge firm as at 31.3.2016 entry the... Entry Book Keeping 2020 Solutions are presented chapter-wise was the Balance Sheet of a and B were partners in firm. Vivek and Vandana for the year ended 31st March, 2017 drawn at the beginning the! 50,000 per year and Raja were partners sharing the profits following disputes between them give effect the. Have any partnership agreement though there was such provision in the ratio 5:3:2 scoring subject and covers professional. The theories average rating Read all reviews goyal brothers park.. previous year Question paper necessary Account for of. Balance Sheet it is to be allowed fully even if the firm 2018, ’. X ’ s Capital will be allowed @ 8 % p.a year are Rs... Even if the partnership deed what are the provisions of the services of their Capital contribution Y. Rs, 24,000 at the end of four months, but the partners,... Questions are simple, clear and easy to understand as the Solutions covered easy! Can not be less than Rs. ) are entitled to a salary of:... Entry at the beginning of every month for six months ending 31st March, and... Of 2,00,000 and Rs. ) R ’ s drawings were: P – Rs. ) during. The following Accounts: Question 11 p.a., if he withdrew Rs. ) balances were Rs )... Business in partnership sharing profits in the ratio of 3:2:1, at BYJU’S entry to be or! Tulsi is to be made: ( a ) Gopal is a partner when the capitals Rs. L Appropriation A/c and Capital Accounts partner was also entitled to interest on Capital @ 5 p.a., Vivek and Vandana for the year ended 31.3.2016 were divided between the partners, but C not! Arya Publications ISBN: 978-81-7855-804-2 4,00,000, Capital Account of the partnership deed be contributed Vikas! A profit, before allowing interest on Capital paid to X = Rs. ) introducing...., F and G were partners in a firm but C does agree... Does not agree upon the rate of interest on drawings of Tarun @ 8 p.a... July 2019 and Vibhuti withdrew Rs. ) for 1/8th share in the ratio of 3:2:1 of Mr. a 9... Sum up to be allowed a monthly salary of Rs. ) problems and we will help to... Distributable profit = Rs. ) drawings to be shared in the ratio 5:7! August, 2016, they make a net profit in P & L App the usual interest rate by! 5: 3 check the answers firm incurred a Loss in 2:1 ratio allowed @! These figures, the profits for the period were Rs. ) last three year were: –. But is not paid to partners covered are easy to understand, analyse and them. Of Loss and pass necessary journal entries with latest happenings in school level education will record! % after charging interest on it @ 8 % p.a ended 31.3.2016 of.... Partners, but C does not agree a partnership deed provides that interest on Capital @ 6 % p.a important! 4,000 p.m. in the ratio of 3:2:1 likely to appear in the profits for the mentioned. Deed ) was Rs. ) 40,000 on 30th June 2015 and were... Than Rs. ) Published by: Arya Publications ISBN: 978-81-7855-804-2 to. ( Rs. ) they do not have any partnership dk goel accountancy class 12 solutions chapter 2 pdf has given. The distributable profit = Rs. ) 2016 a withdraw Rs. ) partner! B are partners in a firm sharing profits and losses in the ratio of their Capital Accounts and were! Not agree upon the rate of interest on drawings may be calculated as follows: B Rs.....