Calculate interest on partner’s drawings. Ram, Mohan and Sohan were partners. 20,000 on special transaction. (c) Profits were to be shared in the ratios of capitals. 4,80,000, B’s Commission = Rs. 6,000 p.a. The profit and loss account of the firm for the year ending March 31, 2016 shows a net profit of Rs. Unknown 8 September 2020 at 21:58. plzz give more anshwers for students study. (iii) A and C had guaranteed a minimum profit of Rs. for the year ending 31st March, 2016. On 31st March, 2014, the balances in the capital accounts of Esha, Manav and Daman after making adjustments for profits and drawings were Rs. (v) Interest on drawing was to be charged @ 6% p.a. DK Goel Solutions for Class 12. 10,000. 46,000, Calculation of Interest on Capital For Y:-, Interest on Capital = Rs. Y introduces Rs. On January 1, 2017 the firm obtained a Loan of Rs. Our Class 12 Accountancy solutions give students an advantage with practical questions. 40,000 and B withdrew Rs. for nine months ending 31st March, 2016, if he withdrew Rs. They agreed to allow interest on capital @ 12% per annum and to change on drawings @ 15% per annum. During the year ended 31st March, 2015, they earned a net profit of Rs. 2,00,000. Prepare Profit and Loss Appropriation Account of Brij and Nandan for the year ended 31. 2,00,000 × 3/5 = Rs. 3,15,000 – Rs. Solution 10. 5,000 p.m. in the beginning of every month; Case (c) if he withdrew Rs. A/c = Rs. 2,000 per month to Ramesh. Each partner is entitled to 9% p.a. Subsequently the following omissions were noticed and it was decided to bring them into Account. (B) Anubha and Kajal entered into partnership sharing profit and losses in the ratio of 2:1. 700 × 12 = 8,400. Question 46. (d) Ravi is entitled to a commission of 5% of the correct net profit of the firm before charging such commission. solution, icse-allied publishers The questions given in DK Goel Solutions are prepared in accordance with CBSE, thus holding higher probabilities of appearing on CBSE question papers. Question 70. Prepare partner’s capital accounts, assuming that the capital accounts are fluctuating. 7,60,000 – Rs. On 1st April, 2014 they admitted Z for 1/4th share in the profits. 30,000 on 31st March, 2016. Calculate interest on drawings of Mr. A @ 9% p.a. How would you calculate interest on drawings of equal amounts drawn in the middle of every month? 2,50,000 and Rs. 2,00,000 respectively sharing profit as Lata 70% and Mamta 30%. They were sharing profits in the ratio of their capitals. 3,70,000 × 10%, Calculation of Interest on Capital = Rs. The Capital Accounts of P, Q and R stood at Rs. 1,60,000 × 10%, Calculation of Interest on Capital = Rs. (B) Calculation of Adjustment of Capital:-, Total capital of the firm = Rs. Calculate interest on drawings at 15% p.a. Show adjusting entry to be made in the next year for above adjustments. 2,00,000 p.a. On 1st April, 2018 X, Y and Z started a business in partnership. 2,00,000, B’s Capital will be = Rs. The interest on capital will be allowed even if the firm incurs a loss. Question 58. was inadvertently ignored. These Solutions are unquestionably helpful for students to practice on a daily base. 2,00,000 and Rs. 10,000 respectively. A, B and C were partners in a firm. Question 43. 6,000. 20,500 = Rs. 20,000 per annum, payable before division of profits. 6,00,000 – Rs. So the expenses divided into their expenses ratio which is 32,000 : 24,000 or 4 : 3. 6,000 and C Rs. Tricks for Proper Utilization of Add-On 15 Minutes introduced in CBSE Board Exams 250, Vijay Rs. 50,000 p.a. (c) Fresh capital introduced by a partner. Profits 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. Z is guaranteed a minimum profit of Rs. 1,95,000 – Rs. 2,60,000 – Rs. 10,000 – Rs. Solution 93 Total Drawings = Drawing Amount × Number of quarter in a year. 3.) After the preparation of final accounts. In the absence of Partnership Deed what are the rules relating to:-. A, B and C entered into partnership on 1st April 2016 with capital of Rs. You are required to prepare journal entries and partner’s capital accounts. 17th Edition â¹495. The rate of interest on Drawings is 6% p.a. A and B are partners in a firm. 9,000. S, T, W and X are partners sharing profits in the ratio of 4:3:2:1. 30,000 for the year ended 31st March, 2018. for the year ended 31st March, 2018 in each of the following alternative cases : Case (a) if his drawings during the year were Rs. 4,00,000, Rs. In arriving at these figures, the profits for the year ended, 31st March, 2018 Rs. The net profits for the year ended 31st March, 2018 were Rs. 80,000. According to the partnership deed the partners were entitled to interest on capital @ 10% p.a. The questions provided in DK Goel (2019) Books are prepared in accordance with CBSE, thus holding higher chances of appearing on CBSE question papers. 6,000 + Rs. 2,000 on the first day of each month and Namit draws Rs. 50,000. After the final accounts have been prepared, it was discovered, it was discovered that interest on drawings had not been taken into consideration. 2,500. 75 respectively. Prepare Profit and Loss Appropriation Account. Question 30. 48,000 and Rs. Question 62. X, Y and Z are partners in a firm. 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. Give the necessary journal entry as also a statement of details arriving at the amount of adjusting entry. 4,00,000 respectively. It was discovered that interest on A’s drawings @ 12% p.a. 4,60,000 respectively. Question 82. 80,000 for the whole year. Profit for the year ended 31st March, 2016 is Rs. 90,000 and Rs. Question 56. During the year ending 31st March, 2016, A's drawings and B's drawings were Rs. 6,00,000 and 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 firm earned a profit of Rs. 60,000 + Rs. and charging interest on drawings @ 10% p.a. 65,000 whereas the minimum guarantee amount is Rs. 25,000 x 6 = Rs. 6,00,000 and Rs. Net Profit for the year ended 31st March 2018 before providing for rent was Rs. X and Y are partners with capitals of Rs. 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. Sharing of Profit/Losses:- Profit/Losses are shared equally by the partners. on drawings. 40,000 each. It is a scoring subject and covers a professional pathway to several other related professions such as CA, CMA and ICWA. Question 76. Interest is to be charged @ 5% p.a. The interest on Drawings for A being Rs. Girish and Satish are partners in a firm. though there was no such provision in the partnership deed. Reply Delete. (iii) Sharing of Profit or loss will be in the ratio of their capital contribution. Question 52. 3,00,000 after making all the adjustments. The net profit of the firm for the year ended 31st March, 2018 before making these adjustments was 35,700. 400. 1,00,000; Rs. had been omitted. 2,00,000. Prepare partner’s Capital account and Loan’s accounts. 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. 2,00,000 and Rs. The terms of partnership are: (i) Interest on the capital is to be charged @ 8% p.a. Both partners withdrew 35,000 at the beginning of every month for the entire year. After the accounts of a partnership have been drawn up and the books closed off, it is discovered that for the year ended 31st March, 2016 and 2017, interest has been credited to the partners upon their capitals at 5% per annum although, no provision for interest is made in the partnership agreement. 7,500. Question 27. 7,00,000 and F Rs. 5,000 and Rs. Calculation of Manager’s Commission = Rs. 5,40,000. 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. Chapter 3 Class 12 Dk Goel Pdf Download pdf Free Download. 4,50,000 for the year ended 31.3.2016 were divided between the partners without allowing interest on capital @ 9% p.a. and charged on drawings at the same rate. 30,000. 30,000 and B withdrew Rs. 60,000 per annum salary to Suresh and salary Rs. 2. The profits for the year ended 31st March, 2016 amounted to Rs. 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. Prepare Profit and Loss Appropriation Account and Partner’s Current Accounts. 1,50,000. (B) X, Y and Z are partners in a firm. They admit Rakesh as a partner and guaranteed that his share of profit shall not be less than Rs. The profit for year ended 31.03.2018 was Rs. Show how the partners should divide this amount on the basis of effective capital employed by each partner. Profit for the year ended 31st March, 2015 Rs. Assuming that the Capital are (a) Fixed, (b) Floating, show the Partner’s Capital Accounts Current Account and Profit and Loss Appropriation Account. Solution 94 Total Drawings = Drawing Amount × Number of month. 3,70,000, Calculation of Interest on Capital = Rs. 6,00,000 – Rs. 40,000 and Question – Rs. 60,000 before allowing interest on capital. (ii) If he has withdrawn Rs. 55,000. 9,500 + Rs. Solution 30 (B) Total Drawings = 9 × Rs. (ii) C was entitled to a commission of Rs. 5,00,000 each. Mention the occasions on which reconstitution of partnership firm can take place.Solution 1. 10,00,000 and B Rs. The profits for the year ended 31st March, 2019 amounted to Rs. After considering the above factors, you are required to prepare the Profit and Loss Appropriation Account and the Capital Accounts of the Partners. 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. 2,20,000 which was distributed without providing for the following: (i) Salary to B Rs. According to the partnership deed the partners were entitled to interest on capital @ 6% p.a. During the year ended 31st March, 2019, they make a net profit of Rs. 6,00,000 × 8% × 9/12, Total Interest on Capital paid to X = Rs. What should be done in the following cases:-. 3,00,000 and Rs. 1,00,000 by way of loans to the firm. 1,20,000. A 1,00,000 (Cr.) X, Y and Z are in the partnership and on 1st April, 2015, their respective capitals were Rs. 7,60,000. 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. for the year ended 31st March, 2016 in each of the following alternative cases: Case (i) If he withdrew Rs. 8,00,000 and Rs. Question 69. 5,000 at the end of each month and C has withdrawn Rs, 24,000 at the beginning of each quarter. 21,000, Total Interest on Capital paid to Y = Rs. 1,500. Interest on Drawings:- Interest on drawings in not charged from partners. Question 50. 3,00,000 and Rs. 11,600, Y’s Profit = Rs. Sharing of Profit/Losses:- Profit/Losses are shared equally by the partners. Capital of the partners were Rs. 4,75,000 respectively. 2,40,000 = Rs. 60,000 on 1st October, 2015 and rate of interest on drawings is 8% p.a. Calculate the interest on drawings of Mr. Aditya @ 8% p.a. Interest on Capital is allowed at 6% p.a. 15,00,000 respectively. Calculate interest on drawings at 15% p.a. Below are the items that may appear on the credit side of the Capital Account of a partner when the capitals are fluctuating:-. S’s Share of Profit = Rs. Any deficiency in Z’s share is to be borne by X and Y in the ratio of 3:2. Prepare profit and loss Appropriation Account and Partner’s Capital Accounts. During the year A withdrew Rs. Solution 92. Suresh and Ramesh were partners in a firm sharing profits in the ratio of 3:2. (b) Interest on drawings to be charged at the rate of 12% per annum. 32,000 and D Rs. 10,000 per month. The net profit of the firm, before any interest, for the financial year 2014-15 was Rs. Assuming the capitals are fixed in Question 61 (A), (B) and (C), give the necessary adjusting journal entry. 5,00,000 respectively. Asif and Ravi are partners in a firm sharing profits and losses in the ratio of 3:2. 1,00,000 and B Rs. Question 61. Question 79. 4,30,000 – (Rs. (b) Partner’s Capital Accounts and Current Accounts. Interest on drawings is to be charged @ 9% p.a. 50,000 as capital. 4,80,000 × 8% × 9/12, Total Interest on Capital paid to Y = Rs. Lata and Mamta are partners with capitals of Rs. The clauses of their partnership deed provided for : (a) Interest on capital to be allowed at the rate of 10% per annum. Lalan and Balan were partners in a firm sharing in the ratio of 3:2. The drawings of Akruti were Rs. 1.) (i) B had advanced a loan to the firm. They distributed the profit for the year ending 31st March, 2020, Rs. His interest on drawings will be calculated as follows: Question 26. DK Goel Solutions Accountancy furnishes a wide range of solutions that certainly supports the students to understand, analyse and solve them. 5,20,000. Their capitals as on 1st April, 2017 were Rs. A, B and C are partners sharing profits and losses in 2:2:3:3 respectively. Solution 12. (d) A is to be paid a salary of Rs. Their partnership deed provided that the profits shall be divided as follows: Remaining profits will be shared equally. 1,12,500 = Rs. 12,000; B Rs. The profits for the year ended 31st Mach, 2019 were Rs. (2) No interest is to be allowed on capitals. (iii) Partners drawings during the year amounted to: Simmi 20,000; Sonu 15,000. The firm earned a profit, before all above adjustments of Rs. 17,250 before any adjustment is made as per partnership deed. Esha’s Interest on Capital = Rs. Their partnership deed provides that interest on capitals shall be provided @ 8% p.a. Question 9. 64,000 – Rs. Question 36. Net Profit for the year ended 31st March, 2018 amounted to Rs. Part A is bifurcated in two Volumes for the benefit of the students. 40,000 on 30th April, 2015; E withdrew Rs. 10,000 p.m. 1,75,000 to the firm, while A wants to return 1,00,000 only. 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. At the end of the year ending 31st March, 2018 it was founds out that interest on capitals @ 12% p.a. As per the terms of partnership agreement interest on capitals is to be allowed @ 10% p.a. 75,000 at first but increases it by Rs. Question 87. 10,000 p.m. in the beginning of every month. 500 respectively. 1,20,000 during the year. DK Goel Solutions Accountancy to these sum up to be the certain questions asked in the board examinations. 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. Question 63. 8,00,000, Sunil Rs. 1,00,000 and Y only Rs. He drew regularly Rs. Interest is allowed on capital at 5% per annum but is not charged on drawings. 1,20,000 = Rs. X, Y and Z are partners in a firm sharing profits and losses in the ratio 5:3:2. 5,000 at the beginning of each month, B has withdrawn Rs. 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. Question 67. 3,00,000. Question 69. 1,25,000, X’s Share of Profit = Rs. 5,000 at the end of every month. Question 19. 80,000. 20,000 per month. Drawings during the year 2018-2019 had been: P Rs. Some of the special features of the book are : 5,00,000; Rs. Profit for the year ended 31st March, 2018 was Rs. 3,000 (Anil) for the year ending 31st March, 2018. Question 8. Their profit sharing ratio was 2 : 1 : 1. Question 90. 12,000 , Rs. 20,000 respective 1st April, 2017, on which they are entitled to interest @ 6% p.a. (iv) B was allowed a commission of 10% of net profit as shown by Profit & Loss Account, after charging such commission. Their capitals were A Rs. 18,000 at the end of each quarter; Case (viii) If he withdrew Rs. They share profit in the ratio of 1:2. 1,000 p.m. regularly on the first day of every month during the year ended 31st March, 2014 for personal expenses. 37,000, Capital at the end of the year on March 31, 2016 = Rs. (i) A wants that profits should be shared in the capital ratio. On August 1, 2018 they decided that their capitals should be Rs. 2,00,000 × 2/5 = Rs. 49,500 × 10/100 = Rs. is to be allowed on a partner’s loan to the firm. Question 61. Pass necessary entries in the books of the firm. A, B and C were partners in a firm. A/c = Rs. Question 83. 48,000 p.a. 80,000. 1,20,000 × 2/5 = Rs. 4,30,000, Profit of transferred to Capital account = Rs. 48,000, Profit after charging Interest on capital and B’s Commission = Rs. Shankar and Manu are partners in a firm. 50,000 belonging to the firm and suffered a loss of 20,000 in speculation. X is given a guarantee that his share of profits in any given year would be Rs. P and Q are partners sharing profit and losses in the ratio of 60:40. 5,00,000 × 6% × 8/12, Total Interest on Capital paid to Satish = Rs. Each partner is entitled to 10% p.a. 5,00,000. 2,00,000 and Rs. Record necessary entries. Accountancy CLass 12 Book Pdf Accounts Book PDF Class 12. The solutions provided for the complex questions are simple, clear and explicit. 25,800 + Rs. 4,000. (iii) Question will get salary of Rs. 60,000 during the year ended 31st March, 2019 before above adjustments. Prepare the Profit and Loss Appropriation Account and the Partners Capital and Current Accounts. Question 80. Calculation of Net Profit = 7,60,000 – Rs. Their fixed capitals were: Kumar Rs. CBSE Class 12 Accountancy DK Goel (2019). 8,420, B 40,000 (Dr.) 3,200. He claims interest rate at the usual interest rate charged by banks. Compute interest on capitals for the year ending on 31sy March, 2017. On 1st April, 2014, their fixed capital accounts showed a balance of Rs. The interest on drawings of partners amounted to A Rs. Calculate interest on drawings @ 9% p.a. 5,00,000, E Rs. There are numerous concepts in Accountancy, but the concept of Trial Balance, Depreciation and Bank Reconciliation Statement (BRS) is required. 90 and Rs. Interest on capital was to be allowed @ 5% per annum and interest on drawings was to be charged @ 6% per annum. 10,00,000 and Rs. Their respective fixed capitals were 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. 4,500, Question 88. 74,040. and the profits for the year are Rs. 2,00,000, B Rs. Compute interest on Capital for the year ending March 31, 2017. 30,000 at the end of six months. Question 14. Find out the commission of A and B. On 1-4-2013 Brij and Nandan entered into partnership to construct toilets in government girls school in the remote areas of Uttarakhand. 5,00,000 respectively. We, at BYJUâS, provide DK Goel Solutions for CBSE Class 11 Accountancy to assist students in comprehending all the theories. The drawings made by Arun were 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. Calculate the interest on Drawings of Garima @ 9% p.a., if she withdrew Rs. 20,000 from his capital and B introduced Rs. 800 at the beginning of every month for the six months ending 31st March, 2018. 4,00,000 + Rs. 40,000), Profit of transferred to Capital account = Rs. 24,000 each. 1,60,000 = Rs. 1,38,000 × 10% = Rs. Question 4. 10,000 p.m. (b) Partners were entitled to interest on capital at 5% p.a. 6,00,000. 3,36,000, Q's Commission = 3,36,000 x 5/105 = 16,000. 17,400 × 1/3 = Rs. (A) Gupta is a partner in a firm. 700 per month to Anubha and Rs. The rate of interest is 13% p.a. 3,20,000 ×60/100 = Rs. 4,00,000. Their capitals were Rs. The net profit of the firm for the year before making the above adjustments was Rs. You are informed that. Their fixed capitals were Rs. 30,000 respectively. 7,70,000 but the partners could not agree upon the rate of interest on loans and the profit sharing ratio. 72,000, Kajal’s Profit = Rs. 2,80,000 for the year ended 31st March, 2016 before charging any of the above items. to B. According to partnership deed, both partners are allowed salary, Rs. (d) Interest will be charged on partner’s annual drawings at 4%. (C) A and B are partners in a business sharing profits and losses in the ratio of 3:2. 31,200, Calculation of Interest on Capital For Satish:-, Interest on Capital = Rs. Their capitals (Fixed) are Rs. Interest on capital was to be allowed @ 6% p.a. 1,00,000 and Rs. 3,30,000; and G Rs. (iv) Question will get commission of 5% on profit after deducting of interest, salary and commission (including his own commission). 5,000 = Rs. 24,000 has already been credited to the partners in the proportion in which they share profits. 90,000 at the end of four months, but withdraws Rs. X and Y were sharing profits in the ratio of 2:1. Question 99. A and B are partners sharing profit in the ratio of 3:2. 2,00,000; Param Rs. was not taken into consideration. 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). Interest on Capital is allowed at 10% p.a. 3,00,000 respectively. Not only do these. 8,000 + Rs. A and B are partners in a firm. 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