6,00,000 and Rs. Question 99. (iii) Partners drawings during the year amounted to: Simmi 20,000; Sonu 15,000. Give the necessary adjustment entry for the adjustment of interest. Interest on drawings for A and B works out at Rs. During the year ended 31st March, 2019, they make a net profit of Rs. They agreed allow interest on capital @ 12% per annum and to charge on drawings @15% per annum. for the year ending 31st March, 2015: Profit during the year ended 31st March, 2015 was Rs. P, Q  and R were partners and the balance of their capital accounts on 1st April, 2015 were Rs. (c) Remaining profit to be shared equally. 1,00,000 for the year. together with a commission of 6% of Net Profit remaining after deducting interest on capital and salary and after charging his commission. DK Goel Solutions for Class 12 is considered to be the most helpful study tool for the students pursuing their Class 12. 15,000 at the end of every quarter. 10,000 and B will introduce additional capital of Rs. You are informed that. The profit for the year amounted to Rs. Asif and Ravi are partners in a firm sharing profits and losses in the ratio of 3:2. 4,80,000, B’s Commission = Rs. 2,000 and B Rs. A, B and C are partners sharing profits and losses in the ratio of 1:2:3. 2,00,000 respectively. (ii) Interest on capital @ 8% p.a. Ganesh @ 9% p.a. 2,000, respectively. (i) P withdrew Rs. 5,00,000 respectively. 16,000. 2,000 per month to Ramesh. 10,00,000 and Rs. Mention the items that may appear on the credit side of the Capital Account of a partner when the capitals are fluctuating. S, T, W and X are partners sharing profits in the ratio of 4:3:2:1. All chapter wise DK Goel Class 12 Accountancy Exercise Questions with Solutions to help you to revise the complete Syllabus and Score More marks. 50,000 as capital. They decide to allow interest on capital @ 8% p.a. A is entitled a commission of 8% on net profit remaining after deducting interest on capital and after charging all commission. He claims interest rate at the usual interest rate charged by banks. Question 42. Question 15. Question 30. 1,000 (Dr.). Question 70. 3,00,000 and C Rs. was not taken into account while arriving at the divisible profits for the year. Solution 94         Total Drawings = Drawing Amount × Number of month. These Solutions are unquestionably helpful for students to practice on a daily base. 60,000 ×  8/100. 10,000 per year. Interest on drawings is to be charged @ 12% p.a. Manager is entitled to a commission of 10% of the profits. 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. 1,50,000. Accountancy is one of the major subjects in Commerce stream. How would you calculate interest on drawings of equal amounts drawn on the first day of every month? They were sharing profits in the ratio of their capitals. 3,20,000 ×60/100  = Rs. Ajoo and Bajoo were in partnership sharing profits and losses in the proportion of 4/5 and 1/5 respectively. 9,500 + Rs. Name any six items which are shown in ‘Profit and Loss Appropriation Account’. 60,000 – Rs. Question 12. (ii) In the absence of any agreement of the contrary, profit will be shared equally, irrespective of their capitals. 2,00,000, B’s Capital will be = Rs. Lalan and Balan were partners in a firm sharing in the ratio of 3:2. Show the distribution of profit. 5,00,000; Rs. Interest on Pappu's drawings was Rs. They do not have any partnership deed. 03.2014. 30,000 at the end of eight months. Interest on Drawings:- Interest on drawings in not charged from partners. Question 27. DK Goel Solutions are well known in the stream for Commerce. 6,40,000 and Rs. 3,70,000 × 10%, Calculation of Interest on Capital = Rs. Calculate interest on capital @ 12% p.a. (b) C will be allowed a commission of 5% of the net profit after allowing salaries of A and B. 15,000 – Rs. It was provided that B’s share of profit will not be less than Rs. 5,000 + Rs. How would you calculate interest on drawings of equal amounts drawn on the last day of every month? Question 49. E, F and G were partners in a firm sharing profits in the ratio of 3:2:1. On April 1, 2016 their fixed capitals were Rs. Calculate the interest on Drawings of Charulata @ 9% p.a. 48,000 p.a. (ii) A has contributed Rs. 1,35,000 × 1/2 = Rs. 50,000 respectively to the firm. 3.) Prepare Profit and Loss Appropriation Account and Partner’s Current Accounts. 1,20,000 – Rs. Partner’s drawings for the year were: P – Rs. 4,000. Prepare Profit and Loss Appropriation Account for the two years. The profit of the firm for the year ended 31.3.2011 before all above adjustments were Rs. 30,000 and Rs. (ii) Lata to get a salary of Rs. 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. Pass necessary journal entry for the above adjustments in the books of the firm. Question 11. Accountancy is a … 4,000 from the firm in the middle of every month. 4,32,000, A’s Commission (after charging B’s commission own commission) = Rs. NCERT Accountancy Book download for Class 11 and 12 in English and Hindi Medium. These solutions help students in examinations as well as their daily study routine. It also helps them throughout the year to complete their homework on time and double check the answers. The intend of this article is to let us know the significance of writing within the prescribed word limit while attempting the CBSE Board Examination. (B)      A is a partner in a firm. (A)       On 1st April, 2018 A and B commenced business with Capital of Rs. 50,000. 1,81,000 and the partners had drawn Rs. A and B are partners sharing profit in the ratio of 3:2. Compute interest on Capital for the year ending March 31, 2017. (b) Partner’s Capital Accounts and Current Accounts. 6,000 + Rs. The profits for the year ended 31st March, 2019 amounted to Rs. 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. 1,50,000 respectively, and were fixed. 800 and Rs. Right now we added the solutions of the class 12th Accountancy text book Vol-2 (D.K. Profits for the year ended 31st March, 2018 before adjustments of interest on drawings and of salary were Rs. 3,00,000 and Rs. 56,000. 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. Lata is entitled to a commission of 8% of net profit after charging her commission. 700 per month to Anubha and Rs. Question 29. 24,000; C Rs. Calculation of Interest on Capital For Girish:-, Interest on Capital = Rs. 5,00,000, E 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. A, B and C were partners in a firm having capitals of Rs. 1,92,000, Q’s Profit = Rs. 12,000 , Rs. 1.) 1,80,000 were distributed. Solution 9. Question 66. (iv) Question  will be commission of 5% on profit after deduction of interest, salary and commission (including his own commission). 6,00,000 and Rs. Interest on capital is to be allowed at 6% p.a. Question 71. 20,000 respectively. Question 81. 50,000 belonging to the firm and suffered a loss of 20,000 in speculation. 20,00,000. However, C is guaranteed a minimum amount of Rs. 1. 90,000. for nine months ending 31st March, 2016, if he withdrew Rs. is to be allowed on a partner’s loan to the firm. and a commission of 8% of net profit before charging any commission. 3,000. The partners of a firm distributed the profits for the year ended 31st March, 2016, Rs. Question 10. and Ruchi: Rs. 17,400 × 2/3  = Rs. Also download collection of CBSE books... Download Class 12 Accountancy assignments. Hence, the deficiency of Rs. 80,000. (ii) P will get commission @ 3% on turnover. (B)    Gupta is a partner in a firm. Instead of altering the Balance Sheet it is decided to pass necessary adjusting entry at the beginning of the next year. 3,00,000 × 8% = Rs. Calculation of Net Profit = 7,60,000 – Rs. 18,800, Q ’s Interest on Capital = Rs. 1,00,000. ), Namit: Rs. 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. (3) Distributable Profit = Total of Credit side – Debit Side, Total of Debit side (Rs. 2,000 (Cr.) 1,50,000. (B)   Kumar and Raja were partners in a firm sharing profits in the ratio of 7:3. P and Question  are partners sharing profit and losses in the ratio of 60 : 40. 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. 400. (d) Profit sharing ratio:- Profit and losses are to be shared equally irrespective of their capital contribution. They share profits in the ratio of 2:1. 3,30,000 was divided equally without providing for the above terms. 2,20,000 which was distributed without providing for the following: (i) Salary to B Rs. 150. The terms of partnership are: (iii) Question  will get a salary of Rs. (iii) If the partnership deed provides for Interest on Capital @ 6% p.a. Question 58. (A)          Mohan, Vijay and Anil are partners, their capitals being Rs. Question 22. Question 69. 2,00,000; Rs. 70,000 × 5% = Rs. 12,000 and Sonu Rs. 8,00,000. Their Drawings during the year were Rs. (v) 1/10th of the distributable profit should be transferred to General Reserve. Question 28. 2,00,000 p.a. X wants interest on capital @ 12% p.a. Profit will be distributed in equal ratio = 1 : 1, A’s Profit = Rs. Raja, Roopa and Mala sharing profits and losses equally have fixed capitals of Rs. 5,000 and Rs. (A)    Gopal is a partner in a firm. Question 14. (2) Interest on Drawings has been calculated for an average period of 6 months. on drawings. Prepare Profit and Loss Appropriation Account of Vikas, Vivek and Vandana for the ended 31-3-2015. Keep yourself updated with all latest news and also read articles from teachers which will help you to improve your studies, increase motivation level and promote faster learning. 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 55. 10,000 = Rs. Case (ii) If he withdrew Rs. They share profit in the ratio of 1:2. 1,00,000 by way of loans to the firm. 90,000 respectively. (iv) If the partnership deed provides for Interest on Capital @ 6% p.a. Their profit ratio was 2:3 and interest allowed on capital as provided in the Partnership Deed was 12% per annum. 50,000. Deficiency if any, would be borne by other partners equally. 1,95,000 – Rs. 250, Vijay Rs. 50,000 p.a. 80,000 for the whole year. Question 2. DK Goel Textbook Solutions are outlined by subject matter experts. Reply. 90,000. 44,000. Solution 8. They share profits in the ratio of 5:3:2. 10,000 per quarter. 1. Solution 30   (B)          Total Drawings = 9 × Rs. 60,000 during the year. Question 65. Ram, Mohan and Sohan were partners. Weightage to each topic has been given as per the marks allotted to it by the CBSE. P and Q  are partners sharing profit and losses in the ratio of 60:40. 2,000 per month for the extra time spent by him. 1,000. Question 68. 30,000. Sharing of Profit/Losses:- Profit/Losses are shared equally by the partners. 48,000. A and B are partners in firm sharing profits and losses in the ratio of 2:1 The following was the Balance Sheet of the firm as at 31.3.2016. 4,80,000 × 10/100 = Rs. The CBSE Solutions for DK Goel accountancy has been created by accounts teachers are StudiesToday.com. A large number of value-based questions have been provided at the end of every chapter. Record the adjustment by means of a journal entry. Question 87. Question 63. The intend of this article is to share the best suggestions and guidelines to utilize the extra 15 minutes provided for reading the question paper in CBSE Board Examination. There are numerous concepts in Accountancy, but the concept of Trial Balance, Depreciation and Bank Reconciliation Statement (BRS) is required. Prepare the Profit and Loss Appropriation Account and the Partners Capital and Current Accounts. During the year L, M and N withdrew Rs. (e) Asif is entitled to a rent 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. Turnover for the year was Rs. A firm is reconstituted on the occasions of :-1.) Their fixed capital were: Suresh Rs. 1,50,000; Rs. 2,00,000, Capital in the beginning on 1st April, 2015 = Rs. X contributes Rs. The profits were divided equally without providing for the above. 9,00,000 and Ramesh Rs. During the year ending 31st March, 2016, A's drawings and B's drawings were Rs. For the year ended 31st March, 2018 interest on capital was credited to them @ 8% instead of 10%. 30,000 on 31st March, 2016. Pass necessary rectifying entry for the same. 10,000 as further capital on the same date. Thus. 17,250 before any adjustment is made as per partnership deed. B is entitled a commission of 10% on net profit remaining after deducting interest on capital but before charging any commission. B drew regularly Rs. Showing your calculation clearly, pass a necessary adjustment entry to give effect to the new agreement between Prem, Param and Priya. 15,000 quarterly and R Rs. 10,00,000 and Rs. 3,36,000, Q's Commission = 3,36,000 x 5/105 = 16,000. 2,00,000 whereas Interest on capital is Rs. Prepare Profit and Loss Appropriation Account. On 1st August, 2016, they decided that their capitals should be readjusted according to their profit sharing ratio. Question 48. 60,000 per annum salary to Suresh and salary Rs. Their profit sharing ratio was 2 : 1 : 1. Interest on Loan:- Interest at the rate of 6% p.a. 35,000 respectively. Question 67. Answers and hints to answer the questions have been provided at the end of every question. Question 96. 6,00,000 – Rs. Question 24. 10,000 p.m. at the end of every month. Calculate the interest on drawings of Mr. Aditya @ 8% p.a. 4,000 p.m. on the first day of every month for six months ending 31st March, 2016. Y is entitled to a salary of Rs. (b) Next Rs, 1,00,000 in the ratio of 4:3:1. While preparing the final accounts, interest partner's capital was not allowed. 20,000 per month for the use of his premises by the firm. You are required to prepare an account showing the distribution of profit/loss. The National Mission for Clean Ganga (NMCG) is organising the annual ‘Ganga Utsav’ on November 2nd , 3rd & 4th, 2020 on a virtual platform. 4,000 p.m. on the last day of every month for six months ending 31st March, 2016. 2,10,000 and Rs. Their capitals as on 1st April, 2017 were Rs. The new profit sharing ratio between Vikas and Vivek will remain the same but they decided to bear any deficiency on account of guarantee to Vandana in the ratio 2:3. Question 91. (A)    Mr. Ashok Gupta is a partner in a firm. 3,60,000 distributed in the ratio of their capitals without providing for any of the above adjustments. Their capitals (Fixed) are Rs. During the year ended 31st March, 2016 the firm earned a profit of Rs. (d) Interest will be charged on partner’s annual drawings at 4%. Calculation of Net Profit = 5,50,000 – Rs. Their drawings were Rs. Case (c) Interest on capital was credited @ 8% p.a. 60,000. Question 39. Download all VBQ for Class 12 Accountancy in pdf free. Compute interest on capitals for the year ending on 31sy March, 2017. 16,000 and B Rs. A/c = Rs. The firm made a profit of Rs. (B)     X, Y and Z are partners in a firm. Question 38. You are required to pass the necessary journal entries to rectify the lapse in accounting. Volume 1 Covers of Partnership Accounts whereas Volume 2 has Company Accounts. 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. Subsequently, it was discovered that interest on capital at 10% p.a. 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. 1,20,000, Total Drawings of C    = Rs. The net profit of the firm for the year ended 31st March, 2019 was Rs. The year’s net profit amounted to Rs. 10,000 = Rs. 1,50,000 which had been distributed among the partners. (B)    X, Y and Z are partners with capitals of Rs. (1) Interest on Mamta’s Loan has been calculated at 6% p.a. Find out the commission of A and B. The Capital Accounts of P, Q  and R stood at Rs. Question 72. Simmi and Sonu are partners in a firm, sharing profits and losses in the ratio 3:1. 4,00,000 + Rs. DK Goel Accountancy Solutions for Class 12 are precise, clear and easy to understand which serves as a catalyst for the preparation purposes. 60,000 p.a. B was entitled to a salary of Rs. 10,000 = Rs. Each partner is entitled to 9% p.a. 50,000 per year and Raja’s salary Rs. 2,00,000 respectively. and salary to B @ Rs. 65,000 + Rs. (i) B had advanced a loan to the firm. 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. 4,65,000 × 8% × 2/12, Total Interest on Capital paid to Y = Rs. 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