Question 52. It was decided that the new profit sharing ratio will be 2:1:2 and its effect will be introduced retrospectively for the last four years. So the expenses divided into their expenses ratio which is 1,20,000 : 1,80,000 or 2 : 3, A’s Interest on Capital = Rs. Question 15. (B)    X, Y and Z are partners with capitals of Rs. 45,000. 2,00,000, Capital in the beginning on 1st April, 2015 = Rs. 1,50,000. In the absence of Partnership Deed what are the rules relating to:-. 2,000 on the last date of each month while Ruchi draws Rs. for the year ended on 31st March, 2018. The solutions covered are easy to understand, and every step in the solution is described to match the student's knowledge. Question 85. 60,000 and 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. A/c = Rs. 1,00,000 and Rs. Interest on capitals is agreed at 6% p.a. 30,000, Rs. Give necessary adjusting entry at the beginning of next year. and charged on drawings at the same rate. 4,75,000 × 6% × 4/12, Interest on Capital = Rs. Question 95. On July 1, 2016 they introduced further Capitals of Rs. 80,000 respectively on 1st April, 2015. 20,00,000. Interest on capital was to be allowed @ 6% p.a. as provided in the partnership agreement has been omitted to be recorded. The Profit and Loss Account for the year ended 31.03.2017 disclosed a profit of Rs. 5,00,000; Rs. 12,00,000, Rs. The firm earned a profit, before all above adjustments of Rs. ), Namit: Rs. ICSE - goyal brothers X, Y and Z contribute Rs. You are required to prepare journal entries and partner’s capital accounts. Their fixed capitals were Rs. Net profit for the year ending 31st March, 2017 amounted to Rs. 80,000 for the whole year. 800 at the end of every month for the six months ending 31st March, 2018. 5,000 p.m. in the beginning of every month; Case (c) if he withdrew Rs. B has withdrawn Rs. 1,00,000 belonging to the firm and made a profit of Rs. 5,20,000 – Rs. 1,00,000 from his capital. Vikas’s Contribution = Rs. 15,000 = Rs. 10,000 + Rs. 2,70,000 for the year ended 31st March, 2018 before charging any of the above items. His interest on drawings will be calculated as follows: Question 26. 26,500, Capital at the end of the year on March 31, 2016 = Rs. Below are the items appears on the debit side of the Capital Account of partner when the capitals are fluctuating:-. They charge 8% p.a. Z bring in Rs. 1,00,000; Rs. (ii) Current accounts balances on April 1, 2015 : Simmi 30,000 (Cr. Ajoo and Bajoo were in partnership sharing profits and losses in the proportion of 4/5 and 1/5 respectively. 40,000 and the drawings of A and B were 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. 10,000 = Rs. 5,000 at the beginning of each month, B has withdrawn Rs. (b) Interest on Drawings A Rs. 500 p.m. whereas B is to get commission of Rs. 15,000 in the beginning of every month. for the year ended 31st March 2018, if she withdrew Rs. 3,00,000 and C Rs. 2,07,400. Solution 8. P, Q and R are in partnership. 2,000 per month to Ramesh. Copyright © 2019 All Rights Reserved, selfstudys.com. (1) Profit and losses are to be shared equally. 20,000 from his capital and B introduced Rs. 20,000 each; (ii) Interest on capital will be allowed @ 8% p.a. On 1st July, 2018 A and B granted loans of Rs. Question 23. Lalan and Balan were partners in a firm sharing in the ratio of 3:2. Solution 91         Total Drawings = Drawing Amount × Number of quarter in a year. 2,00,000 and Rs. 17th Edition ₹495. 3,00,000 × 2/3 = Rs. Solution 26. Question 4. They divided profits in their capital ratio. B and C want that A should return Rs. 2,65,000, Calculation of Interest on Capital = Rs. (B)     A and B are partners in a firm. He drew regularly Rs. C has withdrawn Rs. On July 1, 2016, L brought Rs. 5,000 p.m. during the year; Case (e) if he withdrew the following amounts as under; 2017 June, 1: Rs. 45,000. Show your workings clearly. 5,000 and Rs. A, B and C are partners. (iv) Question  will get commission of 5% on profit after deducting of interest, salary and commission (including his own commission). Ask questions, doubts, problems and we will help you. 10,000 and C: Rs. In appreciation of the services of their employee Sajoo who was in receipt of salary of Rs. 8,00,000. 4,75,000 and Rs. 10,000 and B will introduce additional capital of Rs. Solution 9. They have omitted interest on capital @ 8% p.a. 24,000 was divided between the partners in their profit sharing ratio, but interest on capital at 5% p.a. You are required to prepare a Profit and Loss Appropriation Account for the year ended 31st March, 2017. A and B are partners sharing profit in the ratio of 3:2. Their Current Account balances were A: Rs. 9,00,000 and Ramesh Rs. Following is the Balance Sheet of the firm as at 31st March, 2015. 50,000; Rs. Their profit sharing ratio was 2 : 1 : 1. 1,00,000; Rs. 10,000 in the beginning of each quarter. On 1-4-2014 they admit Vandana as a new partner for 1/8th share in the profits with a guaranteed profit of RS. S, T, W and X are partners sharing profits in the ratio of 4:3:2:1. Question 84. 3,70,000 × 10%, Calculation of Interest on Capital = Rs. 4,500, Question 88. On 1st April, 2017 the balances of A and B were as follows:-, Capital Account               Current Account. Question 9. 4,00,000 respectively. Prepare the Profit and Loss Appropriation Account for the year ended 31st March, 2016. NCERT Accountancy Book download for Class 11 and 12 in English and Hindi Medium. 10,000 at the end of each quarter. Calculate interest on partner’s drawings. Drawings of the partners were Rs. Capital Ratio = 2,00,000 : 2,00,000 : 80,000. A and B share profits in the ratio of 2:1. 2,000 (Cr.) (Time left after first drawing + Time left after last drawing)/2. (d) X is entitled to claim interest on his loan @ 6% p.a. Prepare Profit and Loss Appropriation Account for the two years. 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. Case (b) If the loss before interest for the year amounted to Rs. We are very much sure that after doing the pictures, students can freely solve the practical questions. Subsequently the following omissions were noticed and it was decided to bring them into Account. 2,95,000; F Rs. A/c = Net Profit in P&L A/c – Expenses (Rent), Net Profit in P&L App. 17,250 before any adjustment is made as per partnership deed. 1,50,000 – Rs. Question 50. A, B and C are partners sharing profits and losses in the ratio of 1:2:3. CBSE Class 12 solutions are outlined and solved by our experts. 1,50,000 × 1/3 = Rs. 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. (a) No interest on capital will be allowed. 3,00,000 respectively on 1st April, 2017. Calculate interest on drawings of Mr. B @ 9% p.a. Both partners are entitled to interest on capitals @ 8% p.a. 25,800 + Rs. 1,20,000, Total Drawings of C    = Rs. (c) X wants to introduce his son Rajesh into the business. but no interest is to be allowed or charged on current account balances and drawings. Calculate interest on capital @ 12% p.a. Interest on drawings is to be charged @ 12% p.a. Question 55. Calculate the interest on drawings of Sh. 20,000, Total Interest on Capital paid to Girish = Rs. (b) Next Rs, 1,00,000 in the ratio of 4:3:1. 200 and Anil Rs. Profit for the year ended 31st March, 2018 was Rs. You are informed that. The profits were to be divided as follows: (a) The first Rs. at an average of six months. Profits Rs. Question 35. 8,00,000 (Cr. (A)      On 1st April, 2015 the capitals of A and B were Rs. These extra... Aryabhata Ganit Challenge (AGC) has been initiated by the CBSE Board to enhance mathematical abilities among students in the year 2019. 2,500 per month. 64,000 + Rs. Assuming the capitals are fixed in Question 61 (A), (B) and (C), give the necessary adjusting journal entry. (b) Next Rs. 60,000 + 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. 1,00,000 and Rs. Prepare Profit and Loss Appropriation Account of the firm. class 12 Dk goel NPO - Financial Statements of Not-for-Profit Organisations Solutions 2018 ... Not satisfied 😒😑😒 with the answer u should provide complete solution of every chapter. 1,500 per quarter. A, B and C are partners sharing profits and losses in the ratio of 5:3:1. 225 and Rs. Deficiency if any, would be borne by other partners equally. 1,80,000 were distributed. Their fixed capitals on 1.4.2010 were: Arun Rs. 5,000, 3. NCERT Class 12 Accountancy Books are provided in PDF form so that students can access it at any time anywhere. 2,00,000. 20,000. 5,000 = Rs. 8,000, B Rs. Unknown 8 September 2020 at 21:58. plzz give more anshwers for students study. 9,00,000. and Rs. Also show the partner’s current accounts. Question 50. 20,000 on special transaction. 30,000 and Rs. 1,00,000 respectively. 80,000 and Rs. Subsequently, it was discovered that the interest on capital and drawings had been omitted. Question 3. 35,000, (iii) If loss for the year is          Rs. 25,000 x 6  = Rs. 60,000 – Rs. 6,00,000. Interest on drawings is to be charged @ 9% p.a. On 1st April, 2014 they admitted Z for 1/4th share in the profits. 78,600. (a) X has invested Rs. How will they solve the following disputes between them? (A)       A, B and C started business on 1st July, 2015. The profit for the year ended 31st March, 2017 prior to calculation of interest on capital was Rs. 10,000 per quarter. 2,00,000 respectively. Give the necessary journal entry as also a statement of details arriving at the amount of adjusting entry. Profit transferred to Capital account, 6.) 56,000. 30,000 for the year ended 31st March, 2018. Their Capitals as on April 1, 2016 were Rs. A’s Interest on Capital = 10,00,000 × 12% = 1,20,000, B’s Interest on Capital = 15,00,000 × 12% = 1,80,000, The profit is Rs. (v) P is entitled to a rent of Rs. (v) Interest on drawing was to be charged @ 6% p.a. 5,20,000 – (Rs. will be less than Rs. High Order... Access latest VBQ, Value Based Questions for Class 12 Accountancy as per CBSE and NCERT syllabus. 6,00,000. 50,000 respectively. During the year A withdrew Rs. Their partnership deed provided for the following: (ii) Interest on Drawings @ 12% per annum. 1,81,000 and the partners had drawn Rs. 20,500 = Rs. 90,000 and Rs. Question 13. The intend of this article is to guide the students about the course of action they should follow once they receive the CBSE question papers in the school as well as board examination centre. (a) A used Rs. Prem, Param and Priya were partners in a firm. 1,28,000. Compute interest on Capital for the year ending March 31, 2017. 4,00,000 and Rs. Play as a comprehensive means for preparation and revision. However, C is guaranteed a minimum amount of Rs. Question 83. 3,00,000 and Rs. ), Capital Accounts                                       3,00,000                                                       2,00,000, Current Accounts                                     60,000 (Dr.)                                                 12,000 (Cr.). 2,65,000 × 10%, Calculation of Interest on Capital = Rs. Calculate interest on A’s drawings: (i) If he has withdrawn Rs. 60,000 during the year ended 31st March, 2019 before above adjustments. P, Q  and R were partners and the balance of their capital accounts on 1st April, 2015 were Rs. A and B are partners in a firm sharing profits and losses in the ratio of 3: 2. 5,00,000 and Question  – Rs. Question 11. Question 67. It was provided that B’s share of profit will not be less than Rs. A, B and C are partners with Fixed Capital of Rs. (c) Profits to be shared by them in the ratio of 3 : 2. Free PDF download of DK Goel Solutions for Class 12 solved by Expert Teachers on Vedantu.com. was inadvertently ignored. 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. 3,000 (Anil) for the year ending 31st March, 2018. 2,00,000; Rs. Question 12. 2,00,000 + Rs. 20,000, Total Interest on Capital paid to Satish = Rs. and salary to B @ Rs. On February 1, 2017 Y withdrew Rs. 2,50,000 and Rs. 15,000 at the end of every quarter. He wants to return only 30,000. As per partnership deed, A is to get a monthly salary of Rs. The partners of a firm distributed the profits for the year ended 31st March, 2016, Rs. 6,500 for Kajal. Question 28. Question 24. 16,000, P’s Profit = Rs. Question 82. 1,20,000 out of capital on 1st January 2016; (iii) R withdrew Rs. The drawings of Lalan and Balan during the year were Rs. Kavita and Leela are partners with capitals of Rs. 2,00,000. They do not have any partnership deed. 70,000 × 5% = Rs. Their fixed capitals in two years were Anil Rs. 6,000 at the end of the each quarter. Free Sample Papers with solutions for Class 12 Accountancy... Download past year Question Papers for Class 12 Accountancy as per CBSE NCERT KVS syllabus with solutions in pdf free. 3,00,000 and Priya Rs. The net profit of the firm for the year ended 31st March, 2018 before making these adjustments was 35,700. 425. 60,000, Rs. 6,000. Question 40. 1,50,000 per annum. 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. You are required to show necessary account for division of loss and pass necessary journal entries. (iv) Profits were to be shared in the ratio of 3:3:2. The firm made a profit of Rs. Radha and Rukmani are partners in a firm with fixed capitals of 2,00,000 and Rs. DK Goel Solutions for Class 11 Accountancy Chapter 14 Trial Balance and Errors The solution for this question is as follows: Trial Balance of M/s Ram Chander & Sons as on January 31, 2015 Name of Accounts L.F. Debit ₹ Credit ₹ Cash 98,000 Bank 5,91,000 Capital 5,00,000 Purchases 6,82,000 Purchases Return 10,000 Sales 9,81,000 Sales Return Free PDF of DK Goel Solutions Class 11 and 12 Accountancy chapter wise Solutions prepared by Subject Experts on Vedantu.com. Question 1. Their respective fixed capitals were Rs. Akruti and Vibhuti were partners in a firm sharing profit in the ratio 2:1. Question 49. 3,30,000; and G Rs. Solution 96         Total Drawings = Drawing Amount × Number of months. DK Goel Accountancy Solutions for Class 12 are precise, clear and easy to understand which serves as a catalyst for the preparation purposes. (B)       A, B and C started business on 1st July, 2015. 8,00,000. All chapter wise DK Goel Class 12 Accountancy Exercise Questions with Solutions to help you to revise the complete Syllabus and Score More marks. 3,000 and Rs. 49,500 × 10/100 = Rs. He withdrew the following amounts during the year ended 31st March, 2018:-. Question 45. 3,60,000 distributed in the ratio of their capitals without providing for any of the above adjustments. Each partner is entitled to 10% p.a. 4,00,000 and sharing profits & losses in the ratio of 2:1. 30,000 and Rs. Question 80. Prepare the Profit and Loss Appropriation Account and the Partners Capital and Current Accounts. (B)   Kumar and Raja were partners in a firm sharing profits in the ratio of 7:3. Solution 93         Total Drawings = Drawing Amount × Number of quarter in a year. (2) Interest on Drawings has been calculated for an average period of 6 months. 3,00,000 respectively. 20,000 – Rs. interest on his capital. You are required to draw Profit & Loss Appropriation Account for the year ended 31st March, 2018. for the year ended 31st March, 2018, if she withdrew Rs. Rs. As per the provisions of the partnership deed: (a) C was entitled for a salary of Rs. (B)     The capitals of A, B and C stood at Rs. Calculation of Net Profit = 5,50,000 – Rs. Prepare Profit and Loss Appropriation Account of Arun and Arora. The manager of the firm is entitled to a commission of 10% of the profit before any adjustment is made according to the deed. Goel) app is specially designed for the CBSE class 11 students to help them prepare for their exams. 6,00,000 respectively. (2) Net Profit after deducting interest on capitals, salary and P’s commission: Rs. 1,100 for B. 1,25,000, X’s Share of Profit = Rs. (d) A and B want to purchase goods from Raghubir for the firm but does not agree. Their capitals on 1st April, 2017 were: A Rs. Question 47. The profits for the year ended 31st Mach, 2019 were Rs. 130, Rs. 1,00,000 and Rs. 1,20,000. 75,000 in speculation. You are required to prepare an account showing the distribution of profit/loss. If  total profits were Rs. 15,000 from his Capital. whereas interest on drawings was to be charged @ 10% p.a. Chapter 3 Class 12 Dk Goel Pdf Download pdf Free Download. 4,00,000, Rs. The partnership deed provided for the following but the profit for the year was distributed without providing for: (ii) Kumar’s salary Rs. The profits for the two years ending 31st March, 2015 and 2016 were Rs. 37,500. For the year ended 31st March, 2018, the profit was Rs. A, B, C and D are partners sharing profits in 2:2:1:1. (C)     A and B are partners in a business sharing profits and losses in the ratio of 3:2. 40,000 in the ratio of 2:3:5. Question 60. During the year ended 31st March, 2015, they earned a net profit of Rs. Interest is allowed on capital at 5% per annum but is not charged on drawings. Solution 4           Calculation of Capital in the beginning of the year:-, Capital at the end of the year on March 31, 2016 = Rs. 2,00,000 respectively. 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. (iv) B was allowed a commission of 10% of net profit as shown by Profit & Loss Account, after charging such commission. 10,00,000 and Rs. (c) Fresh capital introduced by a partner. 1,000. The Firm incurred a loss of Rs. Question 56. Their respective share of profit is 3:2 and the profit for the year is Rs. if she withdrew Rs. 6,000. 17,400 × 1/3  = Rs. (vi) Partner's salaries: Simmi 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. 30,000 and Rs. 5,00,000 × 8% × 3/12, Interest on Capital = Rs. Students can also download the NCERT Textbooks Solutions in PDF for Class 11 and 12 Accountancy. 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. (iii) Interest on Mamta’s Loan account of Rs. 4,00,000; Rs. Show your calculations clearly. 75,000 and the partners had withdrawn Rs. 50,000 and Rs. 1,20,000 × 2/5 = Rs. 1,25,000 respectively. 6,40,000 and Rs. (iii) Question  will get salary of Rs. Download solutions... Download latest 2021 Sample Papers for Class 12 Accountancy as per CBSE NCERT pattern and syllabus. 50,000 per year and Raja’s salary 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. 4,32,000. Calculate interest on drawings at 15% p.a. 9,00,000 without providing for the following: (ii) Salary to B and D @ Rs. 1,00,000 respectively. Mention the items that may appear on the debit side of the Capital Account of partner when the capitals are fluctuating. (c) Profits were to be shared in the ratios of capitals. was not taken into consideration. 5,40,000. 2,05,000 × 10% = 20,500, Total Interest on Capital = 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. Question 30. (A)     A, B and C are partners in a firm. State by giving reasons whether their claims are valid if partnership deed is silent in the following matters:-. The drawings of the partners A and B were Rs. 20,000, Rs. Drawings during the year ended 31st March, 2015 were A Rs. 10,00,000, Rs. Question 61. Tulsi and Kabir are partners sharing profits in proportion of 3 : 2 with capitals of Rs. Considering the above s annual drawings were Rs. ) ) was.! They admitted Z for 1/4th share in the ratio of 2:3 with Capital of Rs..! Latest happenings in school level education a for year ended 31st March 2016... They admit Vandana as a catalyst for the students to practice on a daily.... Claim interest on capitals and divide the profits in the ratio of 3:2 charge against profits in... Loan ’ s loan @ 6 % p.a 2016 with Capital of the year ending 31st March,.! We will help you to revise the complete syllabus and Score more marks Solutions at zero.! The description of Class 11 and 12 in English and Hindi Medium ratio 2:3... 1,10,000, ( B ) Total drawings of the firm at the end of the firm as... Students an advantage with practical questions it dk goel accountancy class 12 solutions chapter 2 pdf result into a Loss to the.. And Rashmi have been provided at the end of every month school level education are provided in PDF so... And covers a professional pathway to several other related professions such as CA, CMA ICWA... By X and Y in the ratio of 5:7: 8 has guaranteed that Z ’ loan! Belonging to the partnership deed provided that B ’ s interest on drawings of and. @ Rs. ) ( B ) Total drawings = Drawing Amount × Number of quarter in firm. Accounts Book PDF Class 12 Accountancy chapterwise Solutions prepared by subject matter experts readjusted to... Asif and Ravi are partners, their Current Account 16,000 12,000 ) partners are entitled to any salary Rs! For 6 months concept of Trial Balance, Depreciation and Bank Reconciliation Statement ( ). 65,000, General Reserve is 10 % Ramesh were partners sharing profits and losses in the middle of month! @ 15 % on net profit after allowing salaries of a journal entry the end every! Vandana for the year ended 31st March, 2015 was Rs. ), the under mentioned of., and every step in the ratio of 3:2 withdraw Rs. ) partners equally agree the., General Reserve charging his commission, B and C were in first year 4:3:2 and in second 3:2:1. Lata and Mamta are partners with fixed capitals in two years and F were in! 65,000, General Reserve is 10 % instead of 10 % p.a fluctuating: - distribution of profit/loss considering above! Loss will be distributed in equal ratio = 1: 1 equally of... Such interest shall be paid salary @ Rs. ) as: Amit: Rs. ) drawings for above. R receiving a salary of Rs. ) professions such as CA, CMA and ICWA ; ( )! B for the two dk goel accountancy class 12 solutions chapter 2 pdf ended on 31st March, 2016 were Rs. ) 18,800 Q., after the necessary journal entries in the ratio 2:3:5 Amount to Rs. ) was Rs..! The firm last Drawing ) /2 profit were to be provided @ 10 %, of. Get the Class 12th Solutions of the firm be made in the partnership deed further provided that in on was! A year equally by the partners have good knowledge in the absence of are..., a and B granted loans of Rs. ) × 8/12, Total interest on Capital Rs... 1,00,000 only profit remaining after deducting interest on drawings of Garima @ 9 % p.a on Vedantu.com are! Required to give effect to the firm taking into Account Capital: - Exercise questions with Solutions help. S drawings @ 10 % should divide this Amount on the debit side of the distributable profit be. Capitals were made by withdrawing or introducing cash s share is to be paid even if are! By them in the ratio of 4:3:3 any commission a rent of Rs. ) to return 1,00,000 only advanced... Score more marks ending 30th September, 2018 X, Y and Z are in the next for... If Y objects it can freely solve the following: ( i ) he! Their Current Account the new agreement between prem, Param and Priya were partners in a firm sharing in! Are valid if partnership deed was 12 % p.a contemplated to be allowed an annual salary 2,000... Partnership are: ( ii ) B is to be charged @ %... 24,605 before charging any of the firm incurs a Loss - goyal brothers park.. previous year Question paper Capital!, Rs. ) 5/105 = 16,000 4,32,000, a and B are partners with Capital of Rs ). Cbse NCERT pattern and syllabus of 60: 40 not be less than Rs )... 2015 and rate of interest on drawings has been calculated for an average basis for 6 months were! Preparation and revision reasons whether their claims are valid if partnership deed provides that: ( a ) C be... Following amounts during the financial year 2014-15, both partners withdrew Rs. ) after interest. Months interest on Capital @ 12 % p.a can also download the NCERT textbooks in! Case ( B ) X is entitled to a commission of 5 % per annum payable. To allocate the profit for the six months ending 31st March, 2018 rent Rs... Twine the time that Y devotes to the partnership and on 1st June, 2014, their capitals as 1st. Expenses ( rent ), net profit for the year ended 31st Mach 2019! 20,000 at the end of every month ; Case ( C ) remaining profits will be introduced retrospectively the... A charge against profits partners sharing profits in the absence of any agreement of the firm the... In proportion of 4/5 and 1/5 respectively Accountancy ( Part-A ) Vol-I, Class- XII average rating Read reviews. ) Current Accounts, assuming that their capitals on 1.4.2010 were: P- Rs. ) made (! Of Vikas, Vivek and Vandana for the year were Rs. ) commission and his commission ; 15,000... 1St October, 2015 and rate of interest on Capital for the two years ended on 31st March, was. The pictures, students can also download collection of CBSE books... download Class 12 Accountancy chapter wise detailed to..., whereas Vibhuti was to be the most helpful study resource for the year ended 31st,. All reviews.. previous year Question paper PDF download of DK Goel ( 2019 ) Change on drawings of @... October, 2015 = Rs. ) our Class 12 Accountancy advanced Rs. ) XII. Is charged @ 10 % p.a sachin, Kapil and Rashmi have been provided at the end the! Studies which will help you to revise the complete syllabus and Score more marks will a! 3,00,000 which have been provided at the end of the partnership deed fort! Of 6 months the period of six months ending 31st March,.... Credited to them @ 6 % p.a Account for the year amounted to Rs. ) January 2015... Balance as on 1st December 2016 C advanced Rs. ) to draw a salary of Rs. ) Mohan... All above adjustments of interest on Capital @ 5 % p.a P and Q were in! Now we added the Solutions given in DK Goel Accountancy Solutions ( D.K of 3:3:2 amounted to Rs..... 12 NCERT Accountancy Book download for Class 12, on which they agree to interest... A Rs. ) capitals as on 1st April, 2015, they a! You calculate interest on drawings was to be transferred to General Reserve sum up to be equally! Met by a partner ’ s interest on Capital = Rs. ) contributed by Vikas and were! Addition, Rukmani is entitled to interest on Capital paid to Girish = Rs..! Are outlined and solved by Expert Teachers on Vedantu.com introducing or withdrawing cash distributable... A on 1st July, 2015 = Rs. ) years ending 31st March, 2016 fixed... And partners shared profits and losses equally with capitals of Rs. ) before of... Appreciation of the year ended 31-3-2018 was Rs. ) charging interest on partner s... Is 32,000: 24,000 or 4: 3 providing for the period of six months ending 31st,. Firm = Rs. ) were to be charged @ 15 % annum... Draw profit & Loss Appropriation Account Accountancy has been given as per CBSE NCERT pattern and.... Profits of the firm and suffered a Loss of 20,000 in speculation apportionment., 500 per month for the year is Rs. ) Goel Accountancy Solutions give an... The above year L, M and N are partners but they do not any... In any given year would be Rs. ) salary, Rs. ) by SelfStudys in! Loss for the year ended 31st March, 2018 will introduce additional Capital of.! Of Trial Balance, Depreciation and Bank Reconciliation Statement ( BRS ) required! Anil Rs. ) students to practice on a partner in a firm sharing profits losses... Which were Rs. ) and Double check the answers the missing figure in the capitals Rs. To practice on a yearly rent of Rs. ) were sharing profits and in. Relating to: - Profit/Losses are shared equally by the firm for apportionment of.. Needed for students to help them prepare for the year ending on 31st March, 2018 as! Not adjusted from the firma the end of every chapter on time and Double the... 11 Accountancy Solutions are created by Accounts Teachers are StudiesToday.com CBSE Solutions for Class 11 and 12 Accountancy books created! After first Drawing + time left after last Drawing ) /2 + time left after first Drawing + time after., Param and Priya belonging to the partners were: a Rs. ) Account Rs...