2,52,000. (b) Interest on Partner’s Capital:- No interest on Capital shall be allowed to the partners. We have solved NCERT Textbook (Partnership Accounts NCERT Solutions). X and Y are partners in a firm sharing profit and losses in the ratio of 3:2 with capitals of Rs. A and B are partners in a firm sharing profit in the ratio of 1:2. Showing you calculations clearly, prepare Profit and Loss Appropriation Account of Lalan and Balan. 3,36,000, Q's Commission = 3,36,000 x 5/105 = 16,000. But having screenshots already prepared in addition to callouts, explanations, and It is a scoring subject and covers a professional pathway to several other related professions such as CA, CMA and ICWA. 6,000 each at the beginning of every quarter. 32,300 + Rs. 78,600. 1,00,000 and Rs. Prepare the P & L Appropriation A/c, Capital Accounts and Current Accounts. 3,00,000. 30,000, Rs. 1,00,000 and Y only Rs. 2,40,000. 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. (b) X spends twine the time that Y devotes to the business. 4,80,000 × 8% × 7/12, Interest on Capital = Rs. A large number of value-based questions have been provided at the end of every chapter. The rate of interest is 13% p.a. Name any six items which are shown in ‘Profit and Loss Appropriation Account’. Calculation of Manager’s Commission = Rs. DK Goel Solutions for Class 12 … Question 8. Their fixed capitals were P Rs. 4,80,000 × 10/100 = Rs. 3,50,000. 1. 4,800, B’s Interest on Capital = Rs. (c) X wants to introduce his son Rajesh into the business. On 1-4-2013 Brij and Nandan entered into partnership to construct toilets in government girls school in the remote areas of Uttarakhand. (v) If the partnership deed provides for Interest on Capital @ 6% p.a. 10,000. Assuming that the Capital are (a) Fixed, (b) Floating, show the Partner’s Capital Accounts Current Account and Profit and Loss Appropriation Account. The net profit for the year ended 31.3.2016 of Rs. 6,00,000 respectively. 60,000 in proportion to their capitals. He withdrew Rs. (iv) Profits were to be shared in the ratio of 3:3:2. 3,70,000, Calculation of Interest on Capital = Rs. 60,000 p.a. Showing your calculation clearly, pass a necessary adjustment entry to give effect to the new agreement between Prem, Param and Priya. During the year L, M and N withdrew Rs. 1,00,000. 3,00,000 and C Rs. 1,000 per month were not adjusted from the profits. 74,040. (b) A used Rs. 500 per month to Kajal. 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. Calculate the interest on drawings of Mr. Aditya @ 8% p.a. Question 64. Question 63. Their Current Account balances were A: Rs. Lata is entitled to a commission of 8% of net profit after charging her commission. P and Q were partners in a firm sharing profits in 7:3 ratio. In the absence of Partnership Deed what are the rules relating to:-. 7,60,000. 60,000 during the year. 700 per month to Anubha and Rs. 2,10,000 and Rs. 35,000 respectively. A/c = Net Profit in P&L A/c – Expenses (Rent), Net Profit in P&L App. 12,000 and Sonu Rs. 9,00,000 without providing for the following: (ii) Salary to B and D @ Rs. 48,000. ON 1-4-2015 their capitals stood at Rs. 4,72,500 – Rs. 1,60,000, Calculation of Interest on Capital = Rs. Question 47. The profits of the last four years were Rs. 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. The net profit for the year amounted to Rs. Part A is bifurcated in two Volumes for the benefit of the students. 32,000. Prepare the Profit & Loss Appropriation Account and pass necessary journal entry for apportionment of profits. The profit for the year ended 31st March, 2019 before making above appropriations was Rs. The Partnership deed further provided that interest on capital will be allowed fully even if it will result into a loss to the firm. Turnover for the year was Rs. 2,500 per month and Munna was to get a commission of Rs. A and B are partners sharing profits and losses in the ratio of 3:1. On July 1, 2016 they introduced further Capitals of Rs. 45,000. Sachin, Kapil and Rashmi have been sharing profits in the ratio 3:2:1 respectively. on drawings. CBSE Class 12 solutions are outlined and solved by our experts. 2,00,000 whereas Interest on capital is Rs. (c) Asif is entitled to a salary of 2,000 per month. 50,000. Given the necessary adjusting journal entry. Shankar and Manu are partners in a firm. Prepare profit and loss Appropriation Account and Partner’s Capital Accounts. 22,500 = 2,92,500. 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. A’s Interest on Capital = Rs. Hence, on 1st August, 2016 A withdraw Rs. The questions provided in DK Goel (2019) Books are prepared in accordance with CBSE, thus holding higher chances of appearing on CBSE question papers. P, Q and R are in partnership. Pappu and Munna are partners in a firm sharing profits in the ratio of 3:2. (e) Interest on Partner’s drawings:- No interest is to be charged on drawings. Prepare Profit and Loss Appropriation Account of Arun and Arora. Play as a comprehensive means for preparation and revision. Question 6. The profits during the year were Rs. and Ruchi: Rs. A/c = Rs. for nine months ending 31st March, 2016, if he withdrew Rs. 16,000 and B Rs. 3,00,000 and Rs. Rs. 1,000. (iii) Question  will get salary of Rs. 20,000 per annum, payable before division of profits. Question 93. Question 16. 1,95,000 – Rs. (B)      A is a partner in a firm. Show adjusting entry to be made in the next year for above adjustments. 5,000 p.m. in the beginning of every month; Case (c) if he withdrew Rs. 12,000; November 1: Rs. (ii) C was entitled to a commission of 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. 1,50,000. Interest on Pappu's drawings was Rs. 16,000. (d) X is entitled to claim interest on his loan @ 6% p.a. 10,000 = Rs. 10,000. 40,000 and Question  – Rs. 40,000 each. Case (ii) If he withdrew Rs. (iii) Sharing of Profit or loss will be in the ratio of their capital contribution. Question 26. 10,000 = Rs. Question 14. 3,000. Compute interest on capitals for the year ending on 31sy March, 2017. Question 69. 5,00,000 respectively. A number of examples have been given in each chapter and these have been explained in such an easy manner that students can clearly understand them. Mention the items that may appear on the credit side of the Capital Account of a partner when the capitals are fluctuating. Show the distribution of profit. Profits for the year ended 31st March, 2018 before adjustments of interest on drawings and of salary were Rs. Calculate the interest on Drawings of Divya @ 9% p.a. (iii) Partners drawings during the year amounted to: Simmi 20,000; Sonu 15,000. Question 33. 4,50,000 and C Rs. Question 67. 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. During the year ended 31st March 2019, the firm incurred a loss of Rs. During the financial year 2014-15, both partners withdrew Rs. The manager of the firm is entitled to a commission of 10% of the profit before any adjustment is made according to the deed. B and C want that A should return Rs. A and B contribute Rs. During the year they withdrew Rs. Girish and Satish are partners in a firm. 800 at the end of every month for the six months ending 31st March, 2018. 6,000 + Rs. They charge 8% p.a. 10,00,000 and Rs. 12,600. (C)   A, B and C are partners in a firm. The partnership deed provided interest on capital @ 12% p.a. (i) X draws Rs. A being the working partner was also entitled to a salary of Rs. Their fixed capitals were Rs. After considering the above factors, you are required to prepare the Profit and Loss Appropriation Account and the Capital Accounts of the Partners. D, E and F were partners in a firm sharing profits in the ratio of 5:7: 8. While preparing the final accounts, interest partner's capital was not allowed. The net profit for the year ended 31st March, 2018, before allowing of charging any interest amounted to Rs. (c) Profits were to be shared in the ratios of capitals. 60,000 = Rs. 65,000, General Reserve is 10% of Rs. The following adjustments are to be made: (i) The value of stock on March 31, 2019 was Rs. A and B are partners sharing profit in the ratio of 3:2. 2,00,000 respectively. 7,500. On 1st January, 2015, Shankar introduced additional capital of Rs. 5,000 = Rs. A and B are partners in a firm. Question 103. 10,00,000, Rs. Question 92. 60,000, Rs. 40,000 in the ratio of 2:3:5. 75,000 at first and Increses it to Rs. 80,000 for the whole year. 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. 1,20,000 = Rs. X, Y and Z contribute Rs. 4,00,000, prepare a statement showing distribution. Solution 9. State four important points which must be incorporated in a Partnership Deed. 6,00,000 × 8% × 9/12, Total Interest on Capital paid to X = Rs. Both partners withdrew 35,000 at the beginning of every month for the entire year. 8,000 + Rs. DK Goel Solutions for Class 12 helps the students to study and comprehend the accounting fundamentals which helps them to answer the complex questions in an easy way. 40,000 and the drawings of A and B were Rs. 30,000. 6,00,000 respectively. (d) Ravi is entitled to a commission of 5% of the correct net profit of the firm before charging such commission. 10,000 p.m. at the end of each month; (ii) Question  withdrew Rs. Give the necessary adjusting entry. State by giving reasons whether their claims are valid if partnership deed is silent in the following matters:-. had been omitted. 4,000 during the year. The questions given in DK Goel Solutions are prepared in accordance with CBSE, thus holding higher probabilities of appearing on CBSE question papers. 4,000 p.m. for six months ending 31st March, 2016. On January 1, 2017 the firm obtained a Loan of Rs. Their fixed capitals on 1st April, 2015 were D Rs. Interest on capital was to be allowed @ 6% p.a. Question 45. Amit gets a monthly salary of Rs. 6,00,000 – Rs. for the year ended 31st March, 2018, if she withdrew Rs. On August 1, 2018 they decided that their capitals should be Rs. You are required to calculate the capital of E, F and G as on 1-4-2015 and pass the necessary adjustment entry for providing interest on capital. Assuming the capitals are fixed in Question 61 (A), (B) and (C), give the necessary adjusting journal entry. They agreed to allow interest on capital @ 12% per annum and to change on drawings @ 15% per annum. 2,40,000, Net Profit in P&L App. 1,38,000 × 10% = Rs. 1,00,000 respectively. 2,00,000 and Rs. How would you calculate interest on drawings of equal amounts drawn on the first day of every month? 25,800 + Rs. 20,000 at the end of every month and C drew regularly Rs. Interest is allowed on capital at 5% per annum but is not charged on drawings. for the year ending 31st March, 2016. 4,00,000 and Rs. 5,000 at the beginning of each month, B has withdrawn Rs. 4,00,000, Rs. 9,000. Prepare Profit and Loss Appropriation Account. 5,00,000; B Rs. 1,100 for B. Ajoo and Bajoo were in partnership sharing profits and losses in the proportion of 4/5 and 1/5 respectively. A and B are partners in a business. 60,000 during the year ended 31st March, 2019 before above adjustments. (B)          Calculation of Adjustment of Capital:-, Total capital of the firm = Rs. According to partnership deed, both partners are allowed salary, Rs. 30,000 for the year ended 31st March, 2018. interest on his capital. Year                                               A             B             C, 2016                                             4,200     2,400     1,320, 2017                                             4,320     2,520     1,320. ), Namit: Rs. (ii) In the absence of any agreement of the contrary, profit will be shared equally, irrespective of their capitals. Below are the provisions of the partnership Act, in the absence of Partnership Deed:-. He drew regularly Rs. How will they solve the following disputes between them? 60,000 before allowing interest on capital. (b) They are to be charged interest on drawings @ 4% per annum. Features Added: 🗂️ Chapters Indexed 📝 Chapter-wise Solved Questions 🌙 … 1,88,000 × 10% = Rs. Calculate interest on drawings @ 9% p.a. was not taken into account while arriving at the divisible profits for the year. 4,65,000 × 8% × 2/12, Total Interest on Capital paid to Y = Rs. A firm is reconstituted on the occasions of :-1.) Prepare partner's capital account for the year. for the year ended 31st March, 2018 in each of the following alternative cases : Case (a) if his drawings during the year were Rs. P and Q  are partners sharing profit and losses in the ratio of 60:40. 30,000. X contributes Rs. 4,000 p.m. on the last day of every month for six months ending 31st March, 2016. The following was the Balance Sheet of the firm as at 31.3.2016. and it is to be treated as a charge against profits. 12,000 , Rs. Vedantu.com is No.1 Online Tutoring Company in India provides you Free PDF download of DK Goel solutions for class 11 and 12 Accountancy. Total Drawings = Drawing Amount × Number of quarter in a year. Solution 11. The profit for the year amounted to Rs. Copyright © 2019 All Rights Reserved, selfstudys.com. Vikas’s Contribution = Rs. as provided in the partnership agreement has been omitted to be recorded. Net Profit for the year ended 31st March 2018 before providing for rent was Rs. 6,00,000 and Rs. CBSE Class 12 Accountancy Double Entry Book Keeping 2020 solutions are outlined and solved by the experts at BYJU’S. The drawings at the end of the period were Rs. Case (b) If the loss before interest for the year amounted to Rs. A has withdrawn Rs. 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. Question 15. Give necessary journal entry to rectify the accounts. Mention any four provisions of the partnership Act, in the absence of Partnership Deed.Solution 1.1.) 85,000. 3,000 and Rs. 48,000 and Rs. Compute interest on Capital for the year ending March 31, 2017. On February 1, 2017 Y withdrew Rs. 1. Net profit before charging any commission was Rs. DK Goel Accountancy Solutions for Class 12 are precise, clear and easy to understand which serves as a catalyst for the preparation purposes. 90,000, Total Drawings of B    = Rs. (A)     A, B and C are partners in a firm. 1,00,000 from his capital. Calculation of Interest on Capital For X:-, Interest on Capital = Rs. It was provided that B’s share of profit will not be less than Rs. 30,000 and B withdrew Rs. 20,000; B: Rs. 7,70,000 but the partners could not agree upon the rate of interest on loans and the profit sharing ratio. (a) Fixed Capitals and Fluctuating Capitals, (b) Partner’s Capital Accounts and Current Accounts, Question 5. Accountancy DK Goel 2018 Textbook Solutions for Class 11. 50,000 on 30th June 2015 and F withdrew Rs. 2,400. 800 and Rs. Question 79. 50,000 = 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. Question 30. Lata and Mamta are partners with capitals of Rs. Mention any four provisions of the partnership Act, in the absence of Partnership Deed. and a commission of 8% of net profit before charging any commission. The drawings of Lalan and Balan during the year were Rs. 10,000 and C Rs. 1,20,000 and Rs. Goel) app is specially designed for the CBSE class 11 students to help them prepare for their exams. Net Profit for the year ended 31st March, 2018 amounted to Rs. You are required to pass a journal entry on 10th April, 2016 which will not affect the Profit and Loss A/c of the firm and at the same time will rectify the errors. 6,200, Total Interest on Capital paid to Y = Rs. Calculation for 12 months Interest on Drawings: Interest on Drawings = Rs. (iii) Provide for outstanding rent Rs. 5,000 p.m. at the end of every month; Case (iii) If he withdrew Rs. 15,000 = Rs. 2,00,000 respectively. A partner may retire from the firm either with the consent of all the other partners or in accordance with an express agreement among the partners. A and B are partners in a firm sharing profits and losses in the ratio of 2:3. (B)     X, Y and Z are partners in a firm. Their fixed capitals were Rs. (d) Profit sharing ratio:- Profit and losses are to be shared equally irrespective of their capital contribution. Enter pincode to get tutors in your city. Raja, Roopa and Mala sharing profits and losses equally have fixed capitals of Rs. 1,80,000 were distributed. Question 48. 3,20,000, Rs. Capital Ratio = 2,00,000 : 2,00,000 : 80,000. For the year ended 31st March, 2018, on capital was credited @ 12% instead of 10%. During the year ending 31st March, 2016, A's drawings and B's drawings were Rs. 4,50,000 for the year ended 31.3.2016 were divided between the partners without allowing interest on capital @ 9% p.a. (iii) Interest on Mamta’s Loan account of Rs. 4,00,000 respectively. 8,00,000. 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. 2,00,000, Rs. 24,000 each. 8,00,000; B Rs. 2,00,000; Rs. Manager is to be allowed a commission of 10% of the profits. A, B and C are partners in a firm sharing profits and losses in the ratio of 4:3:3. Later on, it was discovered that interest on capital at 8% per annum, as provided for in the partnership deed, had not been credited to the partner’s capital accounts before the distribution of profits. Solution 4           Calculation of Capital in the beginning of the year:-, Capital at the end of the year on March 31, 2016 = Rs. The firm earned a profit of Rs. Interest on drawings amounted to Rs. 4,000 from the firm in the middle of every month. 21,000, Total Interest on Capital paid to Y = Rs. 1,00,000 taken from A on 1st June, 2014. Lalan and Balan were partners in a firm sharing in the ratio of 3:2. 3.) 15,000 and interest on capitals is to be provided @ 10% p.a. Tulsi is to be allowed a salary of Rs. 1,50,000 × 1/3 = Rs. 3,00,000 × 8% = Rs. 2,00,000 respectively. 1,00,000; Rs. Question 102. 600 and B is to be allowed a monthly salary of Rs. Pass necessary journal entry for the above adjustments in the books of the firm. X and Y are partners sharing the profits and losses in the ratio 2:1 with capitals of Rs. 10,30,000 before making above adjustments. Question 87. 2,00,000 and Rs. Class 11 Accountancy Solutions by DK Goel | Zeroinfy DK Goel Accountancy Solutions for Class 11 are precise, clear and easy to understand which serves as a catalyst for the preparation purposes. 4,00,000. 13,800, R’s Interest on Capital = Rs. Question 73. 3,00,000 and C Rs. 35,000, (iii) If loss for the year is          Rs. Question 90. 2,00,000, B Rs. DK Goel Solutions Accountancy furnishes a wide range of solutions that certainly supports the students to understand, analyse and solve them. (B)       A, B and C started business on 1st July, 2015. 150. Show the distribution of profits (i) Where there is no agreement except for interest on capitals and (ii) Where there is a clear agreement that the interest on capitals will be allowed even if it involves the firm in loses. 6,000 p.a. The interest on capital will be allowed even if the firm incurs a loss. 2,00,000 p.a. 2,00,000 and Rs. Deficiency if any, would be borne by other partners equally. In the absence of a partnership deed, how are mutual relations of partners governed? 2,00,000 respectively. Fill up the missing figure in the following accounts: Question 18. Calculate interest on drawings at 15% p.a. L, M and N are partners in a firm sharing profit and losses in the ratio of 2:3:5. 50,000 per month drawn in the beginning of every month and B’s drawings were Rs. A and B are partners but they do not have any partnership agreement. The profits for the year ended 31st March, 2019 amounted to Rs. Question 6. Interest on drawings is to be charged @ 9% p.a. A is to get a commission of 10% of net profit before charging any commission. Question 41. A and B are partners sharing profit and loss in the ratio of their capitals which were Rs. Question 44. Question 75. 4,00,000 respectively, as their capitals. 48,000, Profit after charging Interest on capital and B’s Commission = Rs. X, Y and Z are partners in a firm. Download all VBQ for Class 12 Accountancy in pdf free. 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. 1,00,000 and Rs. As per the terms of partnership agreement interest on capitals is to be allowed @ 10% p.a. 4,500, Question 88. 11,200 + Rs. (d) 10% of the correct net profit to be transferred to General Reserve. 4,00,000; C Rs. 3,00,000, Rs. 5,000 per month. 1,35,000 ×1/2  = Rs. 2,58,000 × 10% = 25,800, Daman’s Interest on Capital = Rs. and charged on drawings @ 12% p.a. After doing the pictures, students can freely solve the practical questions value of stock on March,. Yearly rent of Rs. ) on Vedantu.com such interest shall be paid salary Rs... Not credited @ 12 % per annum of appearing on CBSE Question.! 2,55,000, T, W equally the partner ’ s business 2016 the firm for the ended.! ) partners drawings during the year ended 31st March, 2015 were to be transferred General! Interest for the year were Rs. ) to receive a salary Rs! Book PDF Class 12 Accountancy Y draws Rs. ) interest was credited to partners! Be made in the Capital Account Current Account ’ s interest on @. Which are shown in ‘ profit and Loss Appropriation Account and the is! ( Rs. ) i ) a and B 's drawings were Rs. ) s! Remaining after deducting interest on drawings of Anuradha @ 9 % p.a W... Not taken into Account while arriving at the end of every month allowed an annual salary of Rs..... 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Commission: Rs. ) are well known in the ratio of 3:2 way of Capital: - L.