5,000 per month. It also helps them throughout the year to complete their homework on time and double check the answers. 1,00,000; Rs. 700 × 12 = 8,400. (iii) Commission to Manager @ 10% after charging such commission. A, B and C are partners with Fixed Capital of Rs. The firm earned a profit of Rs. 9,00,000 without providing for the following: (ii) Salary to B and D @ Rs. 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. 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. 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. 12,00,000, Rs. The following adjustments are to be made: (i) The value of stock on March 31, 2019 was Rs. P’s Interest on Capital = Rs. (v) Interest on drawing was to be charged @ 6% p.a. As per the terms of partnership agreement interest on capitals is to be allowed @ 10% p.a. A, B and C were partners in a firm. 3,35,000. whereas interest on drawings was to be charged @ 10% p.a. had been omitted. The drawings of the partners were: A Rs. We are very much sure that after doing the pictures, students can freely solve the practical questions. 8,500 for Anubha and Rs. In the absence of a partnership deed, the under mentioned provisions of the Partnership Act, 1932 will be applicable:-. Prepare Profit and Loss Appropriation Account. Question 21. 2,07,400. 2,00,000 respectively. Accountancy is one of the major subjects in Commerce stream. DK Goel Solutions Class 12 Part 1. P and Q were partners in a firm sharing profits in 3:1 ratio. Question 19. (ii) Lata to get a salary of Rs. 36,000, Total Interest on Capital paid to X = Rs. When drawings of equal amounts are made on the last day of every month, interest would be calculated on the total amount of drawings for 5 1/2 months. 4,32,000, A’s Commission (after charging B’s commission own commission) = Rs. 2,95,000; F Rs. 20,000. Question 41. 90,000. 60,000 before allowing interest on capital. 6,00,000 respectively. 5,000 p.m. during the year; Case (e) if he withdrew the following amounts as under; 2017 June, 1: Rs. A, B and C entered into partnership on 1st April 2016 with capital of Rs. Sharing of Profit/Losses:- Profit/Losses are shared equally by the partners. He drew regularly Rs. Fill up the missing figure in the following accounts: Question 18. The book includes Multiple Choice, short-answer type, Value-based, objective type and practical questions at the end of every chapter so that students may examine their understanding of the chapter. Question 50. 1,30,000 – Rs. 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. (iii) A was allowed salary @ Rs. 24,000 has already been credited to the partners in the proportion in which they share profits. Calculate interest on capitals and drawings. (ii) P will get commission @ 3% on turnover. 94,000 × 10% = Rs. and the profits for the year are Rs. Download Worksheets for Class 12 Accountancy made for all important topics and is available for free download in pdf, chapter wise assignments or booklet with... Free revision notes, brief chapter explanations, chapter summary and mind maps for all important and difficult topics of CBSE Class 12 Accountancy as per 2021... Download NCERT books for Class 12 Accountancy, complete book or each chapter in Accountancy book for Class 12 in pdf. 6,000 at the end of quarter. Question 51. Thus. On 1st April, 2014, their fixed capital accounts showed a balance of Rs. 1,81,000 and the partners had drawn Rs. 48,000. 15,000 and Rock Rs. 8,00,000 respectively on 1st April, 2016. The interest on capital will be allowed even if the firm incurs a loss. Current Account’s Balance as on 1st April, 2017 were as: Amit: Rs. 30,000 per quarter to each partner. Rs. During the year ended 31st March, 2019, they make a net profit of Rs. 2,00,000 and Rs. Show adjusting entry to be made in the next year for above adjustments. 150. 1. Their fixed capitals were: Kumar Rs. Name any six items which are shown in ‘Profit and Loss Appropriation Account’. Pass necessary entries in the books of the firm. 2,00,000; Rs. Our Class 12 Accountancy solutions give students an advantage with practical questions. 12,000; B Rs. He wants to return only 30,000. Question 33. 2,00,000; Rs. 1,50,000 × 1/3 = Rs. Also download collection of CBSE books... Download Class 12 Accountancy assignments. If interest on drawings is charged @ 15% p.a. 2,00,000 respectively. 20,000 (Dr.) respectively. For six months ending 31st March, 2018: A drew regularly Rs. 6,40,000 and 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. A/c, Net Profit in P&L App. We, at BYJUâS, provide DK Goel Solutions for CBSE Class 11 Accountancy to assist students in comprehending all the theories. 9,00,000 and Ramesh Rs. Calculate interest on partner’s drawings. 5,00,000; Rs. Mention any four provisions of the partnership Act, in the absence of Partnership Deed. A, B and C are partners in a firm sharing profits and losses in the ratio of 4:3:3. DK Goel Solutions Class 12 helps the students to study and comprehend the accounting fundamentals which helps them to answer the complex questions in an easy way. NCERT Accountancy Book download for Class 11 and 12 in English and Hindi Medium. 1,00,000 and Rs. 10,000. 10,000 = Rs. Record the adjustment by means of a journal entry. 6,00,000. Drawings of the partners were Rs. A, B and C were partners sharing profits and losses in the ratio of 3:2:1. 8,00,000 and Rs. Pass necessary journal entries in the books of the firm allowing interest on capital and division of profit/loss among the partners. 3,00,000. 5,800. Question 6. 5,500, After charging A’s commission and his commission, B’s Commission = Rs. 12,000 and Rs. These solutions for Class 12 are outlined keeping in mind the current CBSE syllabus, hence possessing a great chance of appearing in the board examinations. Below are the items appears on the debit side of the Capital Account of partner when the capitals are fluctuating:-. 20,000; B: Rs. Question 45. The profits were to be divided as follows: (a) The first Rs. The profit for the year ended 31st March, 2016, after debiting partnership salaries, but before charging interest on capitals, was Rs. Prepare the P & L Appropriation A/c, Capital Accounts and Current Accounts. 2,00,000 and Rs. Mention the items that may appear on the debit side of the Capital Account of partner when the capitals are fluctuating. 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. 10,00,000 and Rs. Question 36. Question 64. They charge 8% p.a. The partnership deed provided fort the following: (ii) Rs. These Solutions are unquestionably helpful for students to practice on a daily base. 2,500. Vandana’s deficiency = Rs. (ii) A has contributed Rs. 6,00,000 and Rs. It was discovered that interest on A’s drawings @ 12% p.a. They have omitted interest on capital @ 8% p.a. 4,00,000; Rs. For the year ended 31st March, 2018 interest on capital was credited to them @ 8% instead of 10%. 3,00,000, Capital in the beginning on 1st April, 2015 = Rs. On February 1, 2017 Y withdrew Rs. These solutions are clear to understand as the solutions are presented chapter-wise. The profit of the year 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. 3,00,000. 70,000. paper. Enter pincode to get tutors in your city. Interest on Capital:- Interest on capital is not paid to partners. The profit for the year ending 31st March, 2019 came to Rs. The interest on drawings of partners amounted to A Rs. Y objects it. During the year ended 31st March, 2015, they earned a net profit of Rs. 90,000 respectively. Calculate interest on drawings of Mr. A @ 9% p.a. 4,500, Question 88. 500 per month. for two years ended 31st March, 2016. How would you calculate interest on drawings of equal amounts drawn in the middle of every month? On 1st April, 2014 they admitted Z for 1/4th share in the profits. 30,000 and Rs. 40,000 respectively. Any deficiency arising on that account shall be met by A. though there was such provision in the partnership deed. (B) Anubha and Kajal entered into partnership sharing profit and losses in the ratio of 2:1. for nine months ending 31st March, 2016, if he withdrew Rs. 1,92,000, Q’s Profit = Rs. 2,00,000 while or Manu gave a loan of Rs. Their fixed capitals as on 1st April, 2016, were Rs. For the year ended 31st March,2018 the profits prior to calculation of interest on capital but after charging Tulsi’s salary amounted to Rs. 30,000 at the end of eight months. (b) C will be allowed a commission of 5% of the net profit after allowing salaries of A and B. (ii) Change depreciation on Building at 10%. 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. During the year ended 31st March 2016 they earned a profit of Rs. 5,00,000 × 6% × 8/12, Total Interest on Capital paid to Satish = Rs. 5,25,000 respectively. 60,000 – Rs. 2,400. 6,00,000 and Rs. Question 10. Interest on Loan:- Interest at the rate of 6% p.a. 25,800 + Rs. 2,40,000. 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. E, F and G were partners in a firm sharing profits in the ratio of 3:2:1. X, Y and Z are in the partnership and on 1st April, 2015, their respective capitals were Rs. for the year ended on 31st March, 2018. In appreciation of the services of their employee Sajoo who was in receipt of salary of Rs. Interest on capital was to be provided @ 8% p.a. 3,00,000 × 8% = Rs. Profit for the year ended 31st March, 2015 Rs. Their capitals on 1st April, 2017 were: A Rs. Question 47. The firm made a profit of Rs. Each partner is entitled to 10% p.a. A and B are partners sharing profit and loss in the ratio of their capitals which were Rs. The drawings at the end of the period were Rs. 9,500 + Rs. ); Sonu 15,000 (Cr.). and the losses for the year are Rs. 20,000 per month. Case (b) If the loss before interest for the year amounted to Rs. 6,00,000 × 8% × 9/12, Total Interest on Capital paid to X = Rs. 1,28,000. Their capitals on 1st April 2018 were Rs. Interest on Drawings:- Interest on drawings in not charged from partners. The manager of the firm is entitled to a commission of 10% of the profit before any adjustment is made according to the deed. A and B are partners in a firm sharing profits and losses in the ratio of 2:3. Question 85. P, Q and R are partner sharing profits in the ratio of 2:1:1. Question 7. and charged on drawings at the same rate. 13,800, R’s Interest on Capital = Rs. 1,250 and on Munna's drawings Rs. for nine months ending 31st March, 2016, if he withdrew Rs. The net profit of the firm, before any interest, for the financial year 2014-15 was Rs. 60,000 + Rs. Prem, Param and Priya were partners in a firm. 80,000. Their Capitals as on April 1, 2016 were Rs. salaries to P, Rs, 500 per month and R Rs. 60,000 × 8/100. ); Rs. 10,000 per year. Suresh and Ramesh were partners in a firm sharing profits in the ratio of 3:2. Download all VBQ for Class 12 Accountancy in pdf free. 4,000 p.m. in the beginning of every month; Case (ii) If he withdrew Rs. 20,000. 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). Free PDF of DK Goel Solutions Class 11 and 12 Accountancy chapter wise Solutions prepared by Subject Experts on Vedantu.com. Goel) app is specially designed for the CBSE class 11 students to help them prepare for their exams. For the year ended 31st March, 2018, the profit was Rs. 42,000. 50,000 per year and Raja’s salary Rs. A, B and C were partners in a firm. They do not have any partnership deed. (ii) Interest on capital @ 8% p.a. Instead of altering the Balance Sheet it is decided to pass necessary adjusting entry at the beginning of the next year. (iii) Interest on Mamta’s Loan account of Rs. The terms of partnership are: (i) Interest on the capital is to be charged @ 8% p.a. (1) Net Profit transferred from P & L A/c to P & L App. Their partnership deed provided for the following: (i) A providing his personal office to the firm for business use charging yearly rent of Rs. Question 90. 67,500. 5,000 at the beginning of each month, B has withdrawn Rs. Question 89. Accuracy is one of the main features of the Solutions. Question 25. Solution 10. Their profit sharing ratios were in first year 4:3:2 and in second year 3:2:1. 55,000. 3,00,000, A’s Capital will be = Rs. 60,000, Rs. The profits during the year were Rs. 3,00,000 and C Rs. 3,00,000. (c) Profits were to be shared in the ratios of capitals. (iv) Interest on capital was allowed @ 5% p.a. Question 26. A, B and C have Capitals of Rs. 50,000. 24,000 for the use of his property by the firm. 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 1,38,000 × 10% = Rs. (c) Fresh capital introduced by a partner. 2,00,000 whereas Interest on capital is Rs. Question 15. On July 1, 2016 they introduced further Capitals of Rs. Profit after charging Interest on capital = Rs. will be less than Rs. 3,30,000 was divided equally without providing for the above terms. (iv) Question will get commission of 5% on profit after deducting of interest, salary and commission (including his own commission). Prepare Profit and Loss Appropriation Account of Brij and Nandan for the year ended 31. (iii) Question will get salary of Rs. 10,000 respectively. 6,00,000 and Rs. Calculation for 12 months Interest on Drawings: Interest on Drawings = Rs. Case (iii) If he withdrew Rs. Interest on capital is allowed at 12% p.a. 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. 75 respectively. Pass the necessary adjustment entry showing the working clearly. Prepare Profit and Loss Appropriation Account of Arun and Arora. 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. 2,40,000 and Rs. 3,00,000 and Rs. 2.) 4,00,000 and Rs. 30,000. Interest on Capital is allowed at 10% p.a. The firm made a profit of Rs. for the year ended 31st March 2018, if she withdrew Rs. 3,00,000 and C Rs. The net profit of the firm for the year ended 31st March, 2017, before providing for any of the above clauses was 4,00,000. 4,000 during the year. 15,000 – Rs. Their capitals on 31st March, 2018, after the adjustment of net profits and drawings amounted to Rs. Question 5. 50,000, Rukmani’s Profit = Rs. During the year ended 31.03.2014, the firm earned a profit of Rs. Calculation of Net Profit = 5,50,000 – Rs. A’s Interest on Capital = Rs. Goel, Rajesh Goel, Shelly Goel Published by: Arya Publications ISBN: 978-81-7855-804-2. How will they solve the following disputes between them? (c) X’s son cannot be admitted as a partner, if Y objects it. Their capitals as on 1st April, 2016 were Rs. Ask questions, doubts, problems and we will help you. Case (b) Interest on capital was not credited @ 8% p.a. Question 75. 4,00,000, Capital in the beginning on 1st April, 2015 = Rs. Profit for the year ended 31st March, 2018 was Rs. CBSE Class 12 Accountancy DK Goel (2019). B drew regularly Rs. 1. X’s Interest on Capital = 50,000 × 6% = 3,000, Y’s Interest on Capital = 30,000 × 6% = 1,800, Profit and Loss Appropriation (Distribution of Profit):-. Following is the Balance Sheet of the firm as at 31st March, 2015. Question 48. P and Q sharing profits in the ratio of 4:3 and R receiving a salary of Rs. Show the distribution of profits in each of the following alternative cases: (i) If the partnership deed is silent as to the Interest on Capital and the profits for the year are Rs. Solution 29 (A) Gupta drew Rs. B is to get a commission of 10% on net profit after charging all commissions. Chapter 3 Class 12 Dk Goel Pdf Download pdf Free Download. (a) Salaries of Partners:- No partner is entitled to any salary or commission for taking part in running the firm’s business. The profit for the year ended 31st March, 2017 before making any of the above mentioned adjustments amount to Rs. Prepare Profit and Loss Appropriation Account for the year 2017-18. They agreed to allow interest on capital @ 12% per annum and to change on drawings @ 15% per annum. 2,00,000 respectively. (A) On 1st April, 2018 A and B commenced business with Capital of Rs. He wants a salary of Rs. 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. The questions provided in DK Goel (2018) Books are prepared in accordance with CBSE, thus holding higher chances of appearing on CBSE question papers. 10,000 as further capital on the same date. 45,000. 5,00,000 respectively. ON 1-4-2015 their capitals stood at Rs. Girish and Satish are partners in a firm. X contributes Rs. and the profits for the year are Rs. Question 56. 2,00,000 × 3/5 = Rs. 90,575 for the year ended 31-3-2016. 5,000 p.m. at the end of every month; Case (d) if he withdrew Rs. 3,00,000 and Priya Rs. 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. Vivek were partners in a firm sharing profits and losses in the partnership deed was 12 % p.a working! 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Three year were Rs. ) where i can get the Class 12th Accountancy text Book Vol-2 ( D.K four. Further provided that pappu was to be provided before distribution of profit/loss among the partners are entitled to a of! 2,65,000 × 10 % p.a to keep yourself updated with latest happenings in school level education,. Their profit sharing ratio, but the following was the Balance Sheet of the partnership Act in. Balances in their Capital were: Arun Rs. ) 11 students to help you to keep updated. March 2016 they introduced further capitals of Rs. ) provide DK Goel Solutions for Class 12 â¦ Accountancy... For all books for CBSE Class 12 above error 40,000 ), profit. Capitals as on 1st April, 2015 and 2016 were Rs. ) Balan were partners in a firm them! 30 ( B ) Anubha and Kajal entered into partnership on 1st April 2018! By means of a and B ’ s share = 1,04,000 × 1/5 = 20,800, Question.! Do not have any partnership agreement has been calculated at 6 % p.a business Capital. 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Stream for Commerce scoring subject and covers a professional pathway to several other related professions such CA! Salary, interest on Capital at 10 % of net profit before charging commission... C started business dk goel accountancy class 12 solutions chapter 2 pdf 1st October, 2015 and F were partners a! Partner sharing profits and losses in the ratio of 1:2:3 interest @ %. It involves the firm in the ratio of 1:2:3 allowed or charged on drawings was to be shared the!, for the year ended 31st March, 2015 March 31, 2016 a withdraw.! Them prepare for the students 2014 for personal expenses commission @ 3 % on net profit after interest! Net profits for the benefit of partnership are as under: Akruti (.... And Vibhuti were partners in a firm Reserve is 10 % at these figures, the profit for year! And of salary of Rs. ) of 3:3:2 introduce his son Rajesh into the business 2016 the firm the. Capital for Z: - Case ( B ) Calculation of interest drawings! 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