For the year ended 31st March, 2018 interest on capital was credited to them @ 10% instead of 9% p.a. The terms of partnership are: (iii) Question will get a salary of Rs. Losses for the year ending 31st March, 2015 amounted to Rs. DK Goel Solutions for Class 12 Accountancy: Some of the special features of the DK Goel Solutions for Class 12 are: A large number of questions based on Incomplete Information have been given at the end of every chapter. 3,00,000 and C Rs. Vikas and Vivek were partners in a firm sharing profits in the ratio of 3:2. 2,00,000 and Rs. The profit for the year ended 31st March, 2019 before making above appropriations was Rs. Question 21. 6,200, Total Interest on Capital paid to Y = Rs. Solution 92. 1,20,000 – Rs. Prepare partner’s capital accounts, assuming that the capital accounts are fluctuating. 4,30,000 – (Rs. 60,000. 1,50,000 per annum. 20,00,000. 75 respectively. 4,80,000 × 10/100 = Rs. 80,000. 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. 1,50,000 – Rs. Net profit before charging any commission was Rs. The partnership deed provides that: (i) Both partners will get monthly salary of 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. 3,000 and Rs. The interest on Drawings for A being Rs. 2,00,000; Param Rs. 75,000 at first but increases it by Rs. (b) X spends twine the time that Y devotes to the business. (c) Profits were to be shared in the ratios of capitals. 67,500, B’s Profit = Rs. The interest on capital will be allowed even if the firm incurs a loss. Goel) Class 11 Accountancy Solutions (D.K. Interest on Capital:- Interest on capital is not paid to partners. 10,000; August 31: Rs. 3,00,000 and Rs. How will they solve the following disputes between them? 7,500. and charged on drawings at the same rate. The following differences have arisen among A, B and C. Give your decision regarding the same :-. Rs. 6,000 per month. 5,000 at the beginning of each month, B has withdrawn Rs. interest on his capital. was not taken into account while arriving at the divisible profits for the year. 1,000, Rs. 2.) 24,000 was divided between the partners in their profit sharing ratio, but interest on capital at 5% p.a. 1,50,000; Rs. 8,00,000 and Rs. The description of Class 11 Accountancy Solutions (D.K. 9,000. 36,000, Total Interest on Capital paid to X = Rs. Calculate interest on capitals and drawings. 1,20,000, Total Drawings of C = Rs. 2,500 per month and Munna was to get a commission of Rs. 10,000. The following was the Balance Sheet of the firm as at 31.3.2016. 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. A, B and C are partners sharing profits in the ratio of 4:3:2. Question 72. (b) C will be allowed a commission of 5% of the net profit after allowing salaries of A and B. Question 66. A, B and C are partners sharing profits and losses in 2:2:3:3 respectively. 10,00,000. Problems & Solutions in Accountancy Class- XII, (Vol I ... 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 5,00,000 × 6% × 8/12, Total Interest on Capital paid to Satish = Rs. Their Capitals as on April 1, 2016 were Rs. (b) Interest on Partner’s Capital:- No interest on Capital shall be allowed to the partners. 6,00,000. 2,000, respectively. 2,00,000 and Rs. Question 63. 2,000 per month for the extra time spent by him. 1,00,000 belonging to the firm and made a profit of Rs. instead of 8% p.a. (b) A used Rs. 25,000 in the middle of every month. 10,000 = Rs. 1,20,000. Question 55. Tricks for Proper Utilization of Add-On 15 Minutes introduced in CBSE Board Exams 2,000 per month to Ramesh. Question 3. Question 39. 6,00,000 respectively. The drawings of the partners were: A Rs. though there was such provision in the partnership deed. Vandana’s deficiency = Rs. 1,00,000 and B Rs. Prepare partner's capital account for the year. The profits during the year were Rs. 3,00,000, A’s Capital will be = Rs. 4,32,000. Question 74. (c) Fresh capital introduced by a partner. 30,000 and Rs. 35,000, (iii) If loss for the year is Rs. Drawings during the year 2018-2019 had been: P Rs. 3,00,000 respectively. 50,000 belonging to the firm and suffered a loss of 20,000 in speculation. Give necessary adjusting entry at the beginning of next year. 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 D, E and F were partners in a firm sharing profits in the ratio of 5:7: 8. 90,000. 30,000 at the end of eight months. 1,00,000. 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. 50,000 as capital. Their fixed capitals were 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 28. Capital Ratio = 2,00,000 : 2,00,000 : 80,000. Calculation for 12 months Interest on Drawings: Interest on Drawings = Rs. 30,000. Show your workings clearly. DK Goel Solutions Accountancy furnishes a wide range of solutions that certainly supports the students to understand, analyse and solve them. 1,88,000 × 10% = Rs. The profit for year ended 31.03.2018 was Rs. (Time left after first drawing + Time left after last drawing)/2. The drawings of A and B for the year were Rs. Question 16. Their partnership Deed provided for the following: D withdrew Rs. 3,00,000 and Rs. 2,00,000 respectively sharing profit as Lata 70% and Mamta 30%. 4,000. Fill up the missing figure in the following accounts: Question 18. Question 60. Question 79. On 1-4-2013 Brij and Nandan entered into partnership to construct toilets in government girls school in the remote areas of Uttarakhand. 3,00,000, Rs. 800 and Rs. Question 80. P’s Interest on Capital = 10,00,000 × 12% = 1,20,000, Q’s Interest on Capital = 6,00,000 × 12% = 72,000, Profit and Loss Appropriation (Distribution of Loss):-. Asif and Ravi are partners in a firm sharing profits and losses in the ratio of 3:2. 5,60,000 × 6% × 4/12, Interest on Capital = Rs. A and B are partners in a firm. 4,00,000. 8,000 + Rs. and interest on drawings @ 10% p.a. 1,20,000 × 3/5 = Rs. 5,000 per month. Assuming the capitals are fixed in Question 61 (A), (B) and (C), give the necessary adjusting journal entry. 5,500, After charging A’s commission and his commission, B’s Commission = Rs. 3,20,000 × 40/100 = Rs. 55,000. Question 86. Right now we added the solutions of the class 12th Accountancy text book Vol-2 (D.K. On 1st August, 2016, they decided that their capitals should be readjusted according to their profit sharing ratio. Profits (before charging interest on capital) during the year were Rs. Their fixed capitals were: Kumar Rs. 36,000 and Mamta Rs. 80,000. Question 67. Kavita and Leela are partners with capitals of Rs. Question 57. 24,605 before charging salary, interest on Capital and Drawings. It is a scoring subject and covers a professional pathway to several other related professions such as CA, CMA and ICWA. 12,000 and Sonu Rs. and on drawings at 6% p.a. The National Mission for Clean Ganga (NMCG) is organising the annual ‘Ganga Utsav’ on November 2nd , 3rd & 4th, 2020 on a virtual platform. (B) A is a partner in a firm. 90,000 respectively. (ii) If the partnership deed provides for Interest on Capital @ 6% p.a. Following is the Balance Sheet of the firm as at 31st March, 2015. Question 2. interest on their capitals and divide the profits in the ratio of 3:2:1. 1,20,000 and Rs. 15,000. 30,000 on 31st March, 2016. 50,000 on 30th June 2015 and F withdrew Rs. Question 25. 5,00,000 × 8% × 3/12, Interest on Capital = Rs. 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. 2,34,000. 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. (d) A is to be paid a salary of Rs. A, B and C are partners in a firm sharing profits and losses in the ratio of 4:3:3. 2,00,000 for the year ended 31.3.2016 were divided between the partners without allowing interest on capital @6% p.a., interest on drawings @10% p.a. (iv) Question will be commission of 5% on profit after deduction of interest, salary and commission (including his own commission). 4,32,000, A’s Commission (after charging B’s commission own commission) = Rs. 4,000 p.m. on the first day of every month for six months ending 31st March, 2016. (a) X has invested Rs. 7,60,000 – Rs. 55,000 × 10/100 = Rs. 3,00,000 × 1/3 = Rs. Accountancy is a ⦠He withdrew the following amounts during the year ended 31st March, 2018:-. 50,000 p.a. According to the deed, interest on capitals is to be allowed at 8% p.a. 48,000. Subsequently, it was discovered that interest on capital at 10% p.a. 10,000 respectively after the necessary adjustment in respect of drawings and net profits. 2,00,000 respectively. 20,000 to the firm. Question 41. 30,000) = Rs. Give adjusting journal entry. and the profits for the year are Rs. He withdrew Rs. 1,60,000 × 10%, Calculation of Interest on Capital = Rs. The net profit of the firm for the year before making the above adjustments was Rs. and Ruchi: Rs. 1,80,000. DK Goel Accountancy Class 12 is contemplated to be the most helpful study resource for the students pursuing their Class 12. C has withdrawn Rs. 50,000 × 10% = Rs. DK Goel Solutions Accountancy to these sum up to be the certain questions asked in the board examinations. Question 38. On July 1, 2016, L brought Rs. 2,55,000, T’s Share of Profit = Rs. Vibhuti (Rs. (ii) C was entitled to a commission of Rs. 80,000 in the proportion of their capitals. 2,52,000. 3,00,000 and C Rs. 15,00,000 respectively. 2. 50,000. 30,000 at the end of six months. 10,00,000 and Rs. Tulsi is to be allowed a salary of Rs. 6,000 at the end of the each quarter. 4,30,000, Profit of transferred to Capital account = Rs. Their profit sharing ratio is 3:2:1. 1,20,000 = Rs. 2,000 on the last date of each month while Ruchi draws Rs. Question 11. 94,000 × 10% = Rs. Interest on Drawings:- Interest on drawings in not charged from partners. Solution 11. Prepare an account showing the allocation of Profits. 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. Question 101. (i) A wants that profits should be shared in the capital ratio. A and B are partners in a firm sharing profits and losses in the ratio of 2:3. As per partnership deed, A is to get a monthly salary of Rs. 70,000. 5,00,000, Rs. Question 58. 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. 65,000 + Rs. Calculate interest on drawings @ 9% p.a. 500 respectively. 13,800, R’s Interest on Capital = Rs. Y objects it. ), Capital Accounts 3,00,000 2,00,000, Current Accounts 60,000 (Dr.) 12,000 (Cr.). The firm earned a profit, before all above adjustments of 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. We are very much sure that after doing the pictures, students can freely solve the practical questions. 3,00,000 and C Rs. 3,00,000. 2,40,000. 2,00,000; Rs. Net profits for the year before providing interest on capitals was Rs. 3,30,000; and G Rs. 3,000. 1,28,000. 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. ON 1-4-2015 their capitals stood at Rs. Their capitals (Fixed) are Rs. 11,600, Y’s Profit = Rs. (C) A, B and C started business on 1st July, 2015. 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. The partnership deed provided that Pappu was to be paid salary of 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. 3,35,000. Calculate the interest on Drawings of Garima @ 9% p.a., if she withdrew Rs. A is entitled to receive a salary of Rs. The deed provides interest on capitals and drawings at 10% p.a. 5,000, 3. 30,000 per quarter to each partner. 5,00,000, E Rs. Hence, the deficiency of Rs. X, Y and Z are partners in a firm. They share profit in the ratio of 1:2. 60,000, Rs. Calculation of Net Profit = 5,50,000 – Rs. together with a commission of 6% of Net Profit remaining after deducting interest on capital and salary and after charging his commission. for nine months ending 31st March, 2016, if he withdrew Rs. (v) Interest on drawing was to be charged @ 6% p.a. Question 56. 5,25,000 respectively. 4,00,000 respectively. Pass adjustment entry. Prepare Profit and Loss Appropriation Account. 3,000. 1,00,000 and Rs. Current Account’s Balance as on 1st April, 2017 were as: Amit: 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. Mention any four provisions of the partnership Act, in the absence of Partnership Deed. 10,000. 3,000 per month. 7,00,000 and F Rs. Question 1. 4,000 during the year. 2,65,000, Calculation of Interest on Capital = Rs. 4,75,000 × 6% × 4/12, Interest on Capital = Rs. A and B are partners sharing profit and losses equally with capitals of Rs. Question 30. (b) Interest on drawings to be charged at the rate of 12% per annum. We, at BYJUâS, provide DK Goel Solutions for CBSE Class 11 Accountancy to assist students in comprehending all the theories. 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. Simmi and Sonu are partners in a firm, sharing profits and losses in the ratio 3:1. Akruti and Vibhuti were partners in a firm sharing profit in the ratio 2:1. Solution 9. 1,00,000; Rs. Question 12. Such interest shall be paid even if there are losses to the firm. (B) A and B are partners in a firm. Question 52. 1.) 2,00,000, Capital in the beginning on 1st April, 2015 = Rs. 60,000 before allowing interest on capital. 800 at the end of every month for the six months ending 30th September, 2013. 6,00,000 and Rs. On 1st April, 2018 X, Y and Z started a business in partnership. 1,50,000 and Rs. 2,00,000 respectively. A and B are partners sharing profit and loss in the ratio of their capitals which were Rs. 10,000 and C Rs. 40,000 and Rs. Solution 10. The interest on capital will be allowed even if the firm incurs a loss. (c) Remaining profit to be shared equally. Question 26. 40,000 and Question – Rs. Question 69. 03.2014. 12,000 and Rs. 57,000. Free PDF download of DK Goel Solutions for Class 12 solved by Expert Teachers on Vedantu.com. Their fixed capitals as on 31st March, 2018 were A Rs. 1,60,000, Calculation of Interest on Capital = Rs. Question 23. Any excess of the latter over the former received by R is, under the partnership deed, to be borne by P and Question in the ratio of 3:2. 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. 20,000; B Rs. 4,60,000 respectively. is to be allowed on a partner’s loan to the firm. The agreement provided that any excess over his former remuneration to which Sajoo becomes entitled will be paid out of Ajoo’s share of profits. Question 9. Thus. and charging interest on drawings @ 10% p.a. 10,000 respectively. 3,70,000 × 10%, Calculation of Interest on Capital = Rs. Question 61. Mention any four provisions of the partnership Act, in the absence of Partnership Deed.Solution 1.1.) The profits Rs. 2,000 (Cr.) 60,000 per annum salary to Suresh and salary Rs. and without charging interest on drawings @ 12% p.a. Prepare relevant account to allocate the profit in the following alternative cases: (i) If profit for the year is Rs. They charge 8% p.a. (A) A, B and C started business on 1st July, 2015. 65,000 whereas the minimum guarantee amount is Rs. A 1,00,000 (Cr.) 2,00,000 × 3/5 = Rs. and it is to be treated as a charge against profits. The profit for the year amounted to Rs. 25,000 and Rs. Give necessary journal entry to rectify the accounts. 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. They share profits and losses in the ratio of 2:1:1. The net profit for the year amounted to Rs. Their fixed capitals on 1.4.2010 were: Arun Rs. Question 45. CBSE Class 11 Accountancy DK Goel (2018) Solutions are created by experts of the subject, hence, sure to prepare students to score well. (ii) B wants that he should be paid salary for devoting more time for the business of the firm. (A) Gopal withdrew Rs. 2,00,000 and C Rs. The solutions covered are easy to understand, and every step in the solution is described to match the student's knowledge. Turnover for the year was Rs. The solutions have been prepared by special Accountancy teachers, we have provided step by... Download Printable Worksheets, test papers for Class 12 Accountancy with questions answers for all topics and chapters as per CBSE, NCERT, KVS syllabus, Tricks for Utilization of additional time introduced in CBSE Board Exams, Role of Word Limit in Written CBSE Examination, BRICS International Online Mathematics Competition, What to do Post Receipt of Question Paper in the Board Examination. 1,50,000 respectively. 16,000. The questions provided in DK Goel (2019) Books are prepared in accordance with CBSE, thus holding higher chances of appearing on CBSE question papers. The drawings of Lalan and Balan during the year were 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). 5,000 = Rs. 2,500. Rashmi wants that she should share profits equally along with Sachin and Kapil and she further wants that change in profit sharing ratio should be applicable respectively for the last three years. 6,000 and C Rs. 72,000, Kajal’s Profit = Rs. (d) Profit sharing ratio:- Profit and losses are to be shared equally irrespective of their capital contribution. 2,00,000. P, Q and R are partner sharing profits in the ratio of 2:1:1. 90,000 at the end of four months, but withdraws Rs. Drawings being Lata Rs. (iv) If the partnership deed provides for Interest on Capital @ 6% p.a. Pass necessary journal entries in the books of the firm allowing interest on capital and division of profit/loss among the partners. Solution 87 Calculation of Commission:-, A’s Commission = Rs. The profits for the two years ending 31st March, 2015 and 2016 were Rs. Question 31. A, B and C were partners in a firm. Solution 12. He claims interest rate at the usual interest rate charged by banks. 40,000 in the ratio of 2:3:5. Solution 30 (B) Total Drawings = 9 × Rs. Question 17. Manager is entitled to a commission of 10% of the profits. Where I can get the class 12th solutions of the DK Goel. A and B are partners sharing profit in the ratio of 3:2. Solution 93 Total Drawings = Drawing Amount × Number of quarter in a year. interest on his capital. Thus. 3,00,000; B Rs. Question 84. A and B are partners but they do not have any partnership agreement. and charged on drawings @ 12% p.a. Access NCERT Solutions for Class 12 Accountancy. 20,000 respective 1st April, 2017, on which they are entitled to interest @ 6% p.a. Download solutions... Download latest 2021 Sample Papers for Class 12 Accountancy as per CBSE NCERT pattern and syllabus. The partnership deed provided that Akruti was to be paid salary of Rs. Their capital accounts at the beginning of the year stood as follows: A Rs. though there was no such provision in the partnership deed. You are informed that A has withdrawn Rs. 50,000. Their fixed capitals were Rs. Solution 95 Total Drawings = Drawing Amount × Number of months. The drawings made by Arun were Rs. Profits for the year ended 31st March, 2018 before adjustments of interest on drawings and of salary were Rs. Question 59. Their respective share of profit is 3:2 and the profit for the year is Rs. (ii) Lata to get a salary of Rs. It also helps them throughout the year to complete their homework on time and double check the answers. Show the distribution of profit. 1,000 p.m. regularly on the first day of every month during the year ended 31st March, 2014 for personal expenses. 3,70,000, Calculation of Interest on Capital = Rs. 4,50,000 and C Rs. Case (iii) If he withdrew Rs. 49,500 × 10/100 = Rs. Their drawings during the year ending on 31st March, 2018 are as follows: B drew Rs. 67,500. Solution 4 Calculation of Capital in the beginning of the year:-, Capital at the end of the year on March 31, 2016 = Rs. He wants a salary of Rs. The Firm incurred a loss of Rs. DK Goel Solutions Accountancy furnishes a wide range of solutions that certainly supports the students to understand, analyse and solve them. 4,000 p.m. for six months ending 31st March, 2016. was inadvertently ignored. 15,000 – Rs. 15,000 quarterly and R Rs. 10,000 p.m. A and B are partners in a business. Ganesh @ 9% p.a. Question 91. 10,00,000 and Rs. Read the latest news and announcements from NCERT and CBSE below. and a commission of 8% of net profit before charging any commission. DK Goel Accountancy Solutions for Class 12 are precise, clear and easy to understand which serves as a catalyst for the preparation purposes. 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 Drawings of Bipasa @ 9% p.a. 4,00,000, B Rs. The profit and loss account of the firm for the year ending March 31, 2016 shows a net profit of Rs. Their Capitals on April 1, 2018 were Rs. 1,00,000 as additional capital and N withdrew Rs. (A) Mr. Ashok Gupta is a partner in a firm. The Partnership deed further provided that interest on capital will be allowed fully even if it will result into a loss to the firm. Question 98. for the year ended on 31st March, 2018. 20,000 p.a. 1,00,000 from his capital. 18,000 during the middle of each quarter. Question 24. They divided profits in their capital ratio. Question 75. Interest is allowed on capital @ 5% p.a. 5,000 per month. P, Q and R were partners and the balance of their capital accounts on 1st April, 2015 were Rs. Interest on capital was to be allowed @ 5% per annum and interest on drawings was to be charged @ 6% per annum. 3,00,000 after making all the adjustments. 75,000 and the partners had withdrawn Rs. Mention the items that may appear on the credit side of the Capital Account of a partner when the capitals are fluctuating. 50,000. Question 30. for the year ended 31st March 2018, if she withdrew Rs. 8,420, B 40,000 (Dr.) 3,200. had been omitted. 1,20,000. 64,000 – Rs. (A) Gupta is a partner in a firm. 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. 10,000 as further capital on the same date. 2,78,000. 1,00,000 respectively to the firm. Their profit ratio was 2:3 and interest allowed on capital as provided in the Partnership Deed was 12% per annum. 1,60,000 = Rs. 1,50,000 × 1/3 = Rs. 1,500 per quarter. 10,000. 1,00,000. A and B are partners in a firm sharing profit in the ratio of 1:2. The drawings at the end of the period were Rs. Class 12 NCERT Accountancy Books are created by the best professors who are experts in Accountancy and have good knowledge in the subject. 31,200, Calculation of Interest on Capital For Satish:-, Interest on Capital = Rs. The profit of the firm for the year ended 31-3-2015 was Rs. According to partnership deed, both partners are allowed salary, Rs. Both partners are entitled to interest on capitals @ 8% p.a. Access free NCERT Solutions for class commerce Accountancy on LearnCBSE.in without any login. 20,000 per month. Pass necessary rectifying entry for the same. 24,000 for the year were: Lalan Rs. ) met by a and B are in!: 2 at 6 % p.a was discovered that the Capital Account = Rs ). Adjustments are to be allowed @ 7 % p.a been Mountain: Rs..... Made as per CBSE NCERT pattern and syllabus is made as per the partnership,... To admit Mohan as a comprehensive means for preparation and revision mentioned adjustments Amount to Rs. ) be as! 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