50,000 per month drawn in the beginning of every month and B’s drawings were Rs. According to partnership deed, both partners are allowed salary, Rs. Sharing of Profit/Losses:- Profit/Losses are shared equally by the partners. He drew regularly Rs. 3,70,000 × 10%, Calculation of Interest on Capital = Rs. 2,00,000 and Rs. 1,50,000 respectively. 4,00,000 and Rs. They charge 8% p.a. Calculate interest on capitals and drawings. A large number of value-based questions have been provided at the end of every chapter. The net profit for the year ended 31.3.2016 of Rs. 80,000. The manager of the firm is entitled to a commission of 10% of the profit before any adjustment is made according to the deed. Question 34. 3,00,000 and Priya Rs. Compute interest on capitals for the year ending on 31sy March, 2017. 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. 5,000 per month. 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. had been omitted. 5,00,000 and Question  – Rs. Their profit sharing ratio is 3:2:1. 10,000 p.m. in the beginning of every month. 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. 36,600, Calculation of Interest on Capital For Z:-, Interest on Capital = Rs. Question 59. 2,00,000; Rs. 4,00,000, prepare a statement showing distribution. 1,60,000 = Rs. Prepare Partner’s Capital Accounts: Question 11. 15,000 quarterly and R Rs. 6,00,000. 18,000 at the end of each quarter; Case (viii) If he withdrew Rs. (B)    X, Y and Z are partners with capitals of Rs. During the year ending 31st March, 2016, A's drawings and B's drawings were Rs. 1,00,000 and Rs. 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. 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. A and B are partners sharing profits and losses in the ratio of 3:1. 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. 3,500. 1,50,000. (c) X wants to introduce his son Rajesh into the business. 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. 1,50,000. 4,000 from the firma the end of every month, and (iii) Z draws Rs. 1,000 (Dr.). 1,90,000, W’s Share of Profit = Rs. 10,000. Their fixed capitals on 1st April, 2018 were: A Rs. Question 31. 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. DK Goel Solutions Accountancy furnishes a wide range of solutions that certainly supports the students to understand, analyse and solve them. Their profit ratio was 2:3 and interest allowed on capital as provided in the Partnership Deed was 12% per annum. The net profit of the firm, before any interest, for the financial year 2014-15 was Rs. Also show the working notes clearly. 45,000. 1,35,000 ×1/2  = Rs. (b) Partner’s Capital Accounts and Current Accounts. 50,000 respectively. (ii) Lata to get a salary of Rs. 10,000 = Rs. (B)    Gupta is a partner in a firm. According to the partnership deed the partners were entitled to interest on capital @ 6% p.a. The drawings of the partners were: A Rs. The profit of the firm for the year ended 31-3-2015 was Rs. How would you calculate interest on drawings of equal amounts drawn on the first day of every month? Their partnership deed provides that: (a) A is to be allowed a monthly salary of 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. Show Current Accounts. Their drawings were Rs. DK Goel Solutions Accountancy to these sum up to be the certain questions asked in the board examinations. A and B are partners in a firm sharing profits and losses in the ratio of 3: 2. 4,00,000 respectively. 37,000, Capital at the end of the year on March 31, 2016 = Rs. For the year ended 31st March, 2016, interest was credited to them @ 6% instead of 5% p.a. is to be allowed on a partner’s loan to the firm. The questions provided in DK Goel (2019) Books are prepared in accordance with CBSE, thus holding higher chances of appearing on CBSE question papers. Their partnership deed provided for the following: (i) A providing his personal office to the firm for business use charging yearly rent of Rs. 10,000 in the beginning of each quarter. 10,000 as further capital on the same date. Volume 1 Covers of Partnership Accounts whereas Volume 2 has Company Accounts. Sharing of Profit/Losses:- Profit/Losses are shared equally by the partners. Drawings during the year ended 31st March, 2015 were A Rs. and salary to B @ Rs. Question 6. 4,72,500 – Rs. Pass necessary journal entry for the above adjustments in the books of the firm. 5,00,000 (Cr.) 5,00,000; Rs. The partnership deed provides that: (i) Both partners will get monthly salary of Rs. A, B and C were partners in a firm. 1,000 p.m. regularly on the first day of every month during the year ended 31st March, 2014 for personal expenses. 2,00,000, B Rs. These Solutions are unquestionably helpful for students to practice on a daily base. The drawings of Akruti were Rs. Give the necessary adjustment entry for the adjustment of interest. Their capital accounts at the beginning of the year stood as follows: A Rs. Akruti and Vibhuti were partners in a firm sharing profit in the ratio 2:1. Question 90. 2,00,000; Rs. Question 8. During the year L, M and N withdrew Rs. 4,00,000. ICSE - goyal brothers (A)    Mr. Ashok Gupta is a partner in a firm. Also download collection of CBSE books... Download Class 12 Accountancy assignments. 12,600. He drew regularly Rs. 1,50,000 × 1/3 = Rs. A                       1,00,000                               (Cr.) A/c = Rs. The profits were to be divided as follows: (a) The first Rs. 1,50,000 which had been distributed among the partners. 30,000 at the end of eight months. If interest on drawings is charged @ 15% p.a. 1,20,000 = Rs. Free PDF download of DK Goel Solutions for Class 12 solved by Expert Teachers on Vedantu.com. Prepare an account showing the allocation of Profits. 1,50,000 in the ratio of 2:2:1 without providing for the following adjustments: (i) A and B were entitled to a salary of Rs. 800 at the end of every month for the six months ending 31st March, 2018. Question 76. P and Q were partners in a firm sharing profits in 7:3 ratio. Asha is entitled to a salary of Rs. 5,00,000 each. (d) 10% of the correct net profit to be transferred to General Reserve. The drawings at the end of the period were Rs. 25,000 per month drawn at the end of every month. 1,28,000. Salary of Anubha = Rs. 9,500 + 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. 4,30,000. On February 1, 2017 Y withdrew Rs. Calculation for 12 months Interest on Drawings: Interest on Drawings = Rs. 10,000 and C: Rs. Question 9. Their Drawings during the year were Rs. 2,00,000; 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. though there was no such provision in the partnership deed. (iv) Profits were to be shared in the ratio of 3:3:2. 55,000. A and B are partners in a business. 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. DK Goel Solutions Class 12 Part 1. Interest on Capital:- Interest on capital is not paid to partners. Interest on drawings may be calculated on an average basis for 6 months. B is to get a commission of 10% on net profit after charging all commissions. together with a commission of 6% of Net Profit remaining after deducting interest on capital and salary and after charging his commission. 1,92,000, Q’s Profit = Rs. 7,60,000. According to the partnership deed the partners were entitled to interest on capital @ 10% p.a. Pass an adjustment entry to rectify the above error. The profit for year ended 31.03.2018 was Rs. Their capitals as on 1st April, 2016 were Rs. 2,50,000 and Rs. It is a scoring subject and covers a professional pathway to several other related professions such as CA, CMA and ICWA. for the year ending 31st March, 2015: Profit during the year ended 31st March, 2015 was Rs. Question 81. During the year ended 31st March, 2019, they make a net profit of Rs. 10,000. Interest on drawings is to be charged @ 9% p.a. (ii) Interest on Drawings Mohan Rs. The firm made a profit of Rs. Chapter 3 Class 12 Dk Goel Pdf Download pdf Free Download. Turnover for the year was Rs. The description of Class 11 Accountancy Solutions (D.K. 800 at the end of every month for the six months ending 30th September, 2013. They share profits in the ratio of 5:3:2. P, Q  and R were partners and the balance of their capital accounts on 1st April, 2015 were Rs. 7,60,000 – Rs. (5) A partner is entitled to interest at the rate of 6% per annum on the loan given by him to the firm. 6,00,000 respectively. 1,35,000 × 1/2 = Rs. State four important points which must be incorporated in a Partnership Deed. The Partnership deed further provided that interest on capital will be allowed fully even if it will result into a loss to the firm. 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). 1,00,000 and B Rs. (4) No partner is entitled to any salary of commission for taking part in running the firm’s business. On this date, their current account balances were Rs. The terms of partnership are as follows: (i) Interest on Capital is to allowed @ 7% p.a. Question 30. Unknown 8 September 2020 at 21:58. plzz give more anshwers for students study. 4,00,000 respectively. (iv) B was allowed a commission of 10% of net profit as shown by Profit & Loss Account, after charging such commission. Their capitals on 1st April, 2017 were: A Rs. 80,000. (a) No interest on capital will be allowed. Interest on drawings is to be charged @ 12% p.a. 1,25,000 respectively. 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. 67,500. 10,000 = Rs. 4,80,000 × 8% ×  9/12, Total Interest on Capital paid to Y = Rs. Interest on Capital is allowed at 10% p.a. 48,000 p.a. A, B and C are partners sharing profits and losses in 2:2:3:3 respectively. 4,00,000, Capital in the beginning on 1st April, 2015 = Rs. 8,00,000. Question 5. (a) A used Rs. CBSE Class 11 Accountancy DK Goel (2019) Solutions are created by experts of the subject, hence, sure to prepare students to score well. 5,000 = Rs. On 1st April, 2014 they admitted Z for 1/4th share in the profits. 24,000, Rs. During the year ended 31st March, 2016 the firm earned a profit of Rs. 7,00,000 and Sanjay Rs. P and Question  are partners sharing profit and losses in the ratio of 60 : 40. 50,000 per year and Raja’s salary Rs. 36,000 and Mamta Rs. 4,32,000. Question 93. 2,000 per month for the extra time spent by him. 2,78,000. Any deficiency in Z’s share is to be borne by X and Y in the ratio of 3:2. 5,000 = Rs. The interest on Drawings for A being Rs. Question 69. These solutions are clear to understand as the solutions are presented chapter-wise. 10,30,000 before making above adjustments. Anil, Sunil and Sanjay have omitted interest on capitals for two years ended on 31st March, 2016. 1,50,000 per annum. Interest is allowed on capital @ 5% p.a. 6,00,000 and Rs. 1,50,000; Rs. 20,000 to the firm. They contributed Rs. 72,000, Kajal’s Profit = Rs. 64,000 – Rs. 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