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dk goel accountancy class 12 solutions chapter 2 pdf

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. 3,70,000, Calculation of Interest on Capital = Rs. 10,000 per quarter. 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. Ganesh @ 9% p.a. Of the net divisible profits on the first Rs. (iii) Question  will get salary of Rs. Below are the items appears on the debit side of the Capital Account of partner when the capitals are fluctuating:-. 15,000 and Rock Rs. Hence, the deficiency of Rs. 5,00,000. 24,000 each. 225 and Rs. Deficiency will be contributed by Vikas and Vivek in the ratio 2:3. Suresh and Ramesh were partners in a firm sharing profits in the ratio of 3:2. for six months ending 31st March, 2018, Total Drawings of A    = Rs. 49,500 × 10/100 = Rs. You are informed that. 60,000 per annum salary to Suresh and salary Rs. DK Goel Solutions Accountancy furnishes a wide range of solutions that certainly supports the students to understand, analyse and solve them. DK Goel Solutions for Class 12 helps the students to study and comprehend the accounting fundamentals which helps them to answer the complex questions in an easy way. 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, B and C were partners in a firm. 3,00,000. CBSE Class 11 Accountancy DK Goel (2018) Solutions are created by experts of the subject, hence, sure to prepare students to score well. 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. Net profits for the year before providing interest on capitals was Rs. Vikas’s Contribution = Rs. Arun and Arora were partners in a firm sharing profits in the ratio of 5: 3. The partnership deed provided fort the following: (ii) Rs. Read the latest news and announcements from NCERT and CBSE below. The drawings of Akruti were Rs. 60,000) = Rs. 40,000), Profit of transferred to Capital account = Rs. The profit for year ended 31.03.2018 was Rs. 03.2014. Manager is to be allowed a commission of 10% of the profits. 2,00,000 and Rs. 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. 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. Question 102. 75,000 in speculation. Calculate the interest on drawings of Sh. 50,000, Rukmani’s Profit = Rs. (d) A and B want to purchase goods from Raghubir for the firm but does not agree. salaries to P, Rs, 500 per month and R Rs. L, M and N are partners in a firm sharing profit and losses in the ratio of 2:3:5. 1,75,000 to the firm, while A wants to return 1,00,000 only. (iv) Partners are entitled to interest on capital @ 5% and X is entitled to a salary of Rs. Important updates relating to your studies which will help you to keep yourself updated with latest happenings in school level education. The interest on capital will be allowed even if the firm incurs a loss. 2,10,000 and Rs. The drawings of the partners A and B were Rs. 1,00,000. 600 and B is to be allowed a monthly salary of Rs. (5) A partner is entitled to interest at the rate of 6% per annum on the loan given by him to the firm. In the absence of a partnership deed, how are mutual relations of partners governed? Question 4. Question 23. (ii) Lata to get a salary of Rs. for the year ended 31st March 2018, if she withdrew Rs. 24,000, Rs. which was omitted to be provided before distribution of profits. 15,000 = Rs. Solution 4           Calculation of Capital in the beginning of the year:-, Capital at the end of the year on March 31, 2016 = Rs. Question 10. Also show the partner’s current accounts. 45,000. 1,60,000 = Rs. 2,00,000, B’s Capital will be = Rs. 11,600, Y’s Profit = Rs. On 1st July, 2018, A and B granted loans of Rs. 1,00,000 and Y only Rs. 1,50,000 respectively. Their profit sharing ratio was 2 : 1 : 1. 425. Prepare Profit and Loss Appropriation Account for the two years. 4,00,000; C Rs. 4,000 from the firm at the beginning of every month, (ii) Y draws Rs. 10,000. A, B and C are partners. On 1st April, 2014, their fixed capital accounts showed a balance of Rs. Show the distribution of profit. 50,000 as capital. 30,000 for the year ended 31st March, 2018. Amit draws Rs. After division of the profits for the year ended 31-3-2016 their capitals were: E 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. Their capitals on 1st April, 2017 were: A Rs. 35,000, (iii) If loss for the year is          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. Solution 94         Total Drawings = Drawing Amount × Number of month. 13,000; February 1, 2018; Rs. (A)      On 1st April, 2015 the capitals of A and B were Rs. 50,000 on 30th June 2015 and F withdrew Rs. for two years ended 31st March, 2016. (i) B had advanced a loan to the firm. 3,00,000 and Rs. Their fixed capitals on 1.4.2010 were: Arun Rs. 1,50,000, Radha’s Profit = Rs. They do not have any partnership deed. 4,30,000. Question 67. 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. 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. 3,00,000, A’s Capital will be = Rs. High Order... Access latest VBQ, Value Based Questions for Class 12 Accountancy as per CBSE and NCERT syllabus. Raja, Roopa and Mala sharing profits and losses equally have fixed capitals of Rs. NCERT Class 12 Accountancy Books are provided in PDF form so that students can access it at any time anywhere. 3,60,000 distributed in the ratio of their capitals without providing for any of the above adjustments. P and Q were partners in a firm sharing profits in 7:3 ratio. (1) Profit and losses are to be shared equally. Question 54. Question 93. 90,000 and Rs. They agreed allow interest on capital @ 12% per annum and to charge on drawings @15% per annum. Play as a comprehensive means for preparation and revision. B is entitled a commission of 10% on net profit remaining after deducting interest on capital but before charging any commission. (c) X wants to introduce his son Rajesh into the business. It also helps them throughout the year to complete their homework on time and double check the answers. Esha’s Interest on Capital = Rs. and Ruchi: Rs. 3,00,000, Capital in the beginning on 1st April, 2015 = Rs. 5,00,000 × 8% × 3/12, Interest on Capital = Rs. 1,38,000 × 10% = Rs. 6,00,000 – Rs. The following differences have arisen among A, B and C. Give your decision regarding the same :-. If all the partners agree, a minor may be admitted for the benefit of partnership. Pass necessary journal entry for the above adjustments in the books of the firm. 4,000 p.m. in the beginning of every month; Case (ii) If he withdrew Rs. The year’s net profit amounted to Rs. Calculate the interest on Drawings of Garima @ 9% p.a., if she withdrew Rs. (6) Each partner can participate in the conduct of business. and salary to B @ Rs. Prepare profit and loss appropriation account and partner’s capital accounts assuming that their capitals are fluctuating. Their partnership deed provided for the following: (i) A providing his personal office to the firm for business use charging yearly rent of Rs. 17,400 × 1/3  = Rs. 4,50,000 and C Rs. X and Y are partners with capitals of Rs. In appreciation of the services of their employee Sajoo who was in receipt of salary of Rs. Total Drawings = Drawing Amount × Number of quarter in a year. 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. 1,00,000 respectively by way of capital on which they agree to allow interest at 12% p.a. According to the partnership deed the partners were entitled to interest on capital @ 6% p.a. Drawings of the partners were Rs. The profit for the year amounted to Rs. Net Profit for the year ended 31st March, 2018 amounted to Rs. 5,000 p.m. and to C Rs. 17th Edition ₹495. (i) X draws Rs. Dk goel accounting solutions 12 class. Hence, high scores are certainly needed for students who would like to choose for these professions. (b) Interest on Drawings A Rs. If interest on drawings is charged @ 15% p.a. 4,57,500, Vivek’s Contribution = Rs. 1,50,000. 5,00,000 × 6% × 8/12, Total Interest on Capital paid to Girish = Rs. (iii) If the partnership deed provides for Interest on Capital @ 6% p.a. During the year A withdrew Rs. Question 36. 2,00,000, Rs. 1,80,000. Question 87. Fill up the missing figure in the following accounts: Question 18. Capital Ratio = 2,00,000 : 2,00,000 : 80,000. A, B and C are partners sharing profits and losses in the ratio of 1:2:3. Interest on capital is agreed @ 12% p.a. Question 2. 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. Question 28. 90,000, Total Drawings of B    = Rs. 3,00,000, Rs. together with a commission of 6% of Net Profit remaining after deducting interest on capital and salary and after charging his commission. As per the partnership deed they are to be allowed interest on capital @ 8% p.a. Some of the special features of the book are : 60,000. and a commission of 8% of net profit before charging any commission. A, B, C and D are partners sharing profits in 2:2:1:1. (iii) Sharing of Profit or loss will be in the ratio of their capital contribution. 5,000 p.m. at the end of every month; Case (iii) If he withdrew Rs. 90 and Rs. 6,00,000 and Rs. For the year ended 31st March, 2018 interest on capital was credited to them @ 8% instead of 10%. (3) Distributable Profit = Total of Credit side – Debit Side, Total of Debit side (Rs. Question 15. Grewal's Solutions for all books for CBSE Class 12. DK Goel Solutions Class 12 furnish a wide range of solutions that certainly supports the students to understand, analyse and solve them. Question 98. 60,000 p.a. Assuming that the Capital are (a) Fixed, (b) Floating, show the Partner’s Capital Accounts Current Account and Profit and Loss Appropriation Account. 4,00,000 respectively, as their capitals. 18,000 during the middle of each quarter. 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. 12,00,000, Rs. Question 15. 4,00,000 and sharing profits & losses in the ratio of 2:1. 60,000 before allowing interest on capital. Subsequently, it was discovered that the interest on capital @ 10% p.a. Question 70. 10,000. 15,00,000 respectively. Current Account’s Balance as on 1st April, 2017 were as: Amit: Rs. The profits for the year ended 31st March, 2019 amounted to Rs. P, Q  and R are partner sharing profits in the ratio of 2:1:1. 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 NCERT Accountancy Book download for Class 11 and 12 in English and Hindi Medium. though there was such provision in the partnership deed. 22,500 per quarter, whereas Vibhuti was to get a commission of 15% on net profit before charging such commission. Vikas and Vivek were partners in a firm sharing profits in the ratio of 3:2. 30,000 at the end of six months. 1,20,000, Total Drawings of C    = Rs. 2,00,000 and Rs. 30,000. CBSE Class 12 Accountancy Double Entry Book Keeping 2020 solutions are outlined and solved by the experts at BYJU’S. The Partnership deed further provided that interest on capital will be allowed fully even if it will result into a loss to the firm. 27,000. Give necessary journal entry to rectify the accounts. 1,000 p.m. regularly on the first day of every month during the year ended 31st March, 2014 for personal expenses. (A)    Mr. Ashok Gupta is a partner in a firm. A and B are partners sharing profit in the ratio of 3:2. Question 44. 10,30,000 before making above adjustments. Accountancy DK Goel 2018 Textbook Solutions for Class 11. 4,80,000 × 8% ×  9/12, Total Interest on Capital paid to Y = Rs. 15,000 quarterly and R Rs. 1. 4,00,000 respectively. 4,00,000, Rs. CBSE Class 12 solutions are outlined and solved by our experts. 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. E, F and G were partners in a firm sharing profits in the ratio of 3:2:1. Prepare Profit and Loss Appropriation Account of Vikas, Vivek and Vandana for the ended 31-3-2015. 10,00,000 and Rs. 2,000 and B Rs. You are required to calculate the capital of E, F and G as on 1-4-2015 and pass the necessary adjustment entry for providing interest on capital. A, B and C are partners sharing profits and losses in 2:2:3:3 respectively. (ii) If he has withdrawn Rs. 24,000; C Rs. Show your calculations clearly. (2) Net Profit after deducting interest on capitals, salary and P’s commission: Rs. 6,500 for Kajal. Goel) Class 11 Accountancy Solutions (D.K. 16,000. 3,500. 64,000. 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. 400. 1,20,000 out of capital on 1st January 2016; (iii) R withdrew Rs. 3,00,000 and Rs. 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. Their Current Account balances were A: Rs. Solution 30   (C)          Total Drawings = 9 × Rs. 12,000 and Sonu Rs. for the year ended on 31st March, 2018. Solution 26. 8,420, B                        40,000                                  (Dr.) 3,200. 10,000 – Rs. Accountancy is one of the major subjects in Commerce stream. 2,00,000; Param Rs. 45,000. Not only do these. He drew regularly Rs. 10,000 = Rs. The description of Class 11 Accountancy Solutions (D.K. Show the necessary adjusting entry for the rectification of the error. DK Goel Class 12 Accountancy textbook solutions furnish a wide range of solutions that certainly helps the students to analyse, understand and solve them. 80,000 and Rs. 2,50,000 and Rs. 2,00,000 and C Rs. These extra... Aryabhata Ganit Challenge (AGC) has been initiated by the CBSE Board to enhance mathematical abilities among students in the year 2019. 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. 2,34,000. 40,000 respectively. (iv) Profits were to be shared in the ratio of 3:3:2. 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. For the year ended 31st March, 2018 interest on capital was credited to them @ 10% instead of 9% p.a. 6,000 at the end of each month. 44,000. 12,000 in the beginning of each quarter; Case (vii) If he withdrew Rs. 150. (ii) Change depreciation on Building at 10%. 10,000 + Rs. 2,400 p.a. (ii) Current accounts balances on April 1, 2015 : Simmi 30,000 (Cr. 4,000 from the firma the end of every month, and (iii) Z draws Rs. 4,00,000 + Rs. There are numerous concepts in Accountancy, but the concept of Trial Balance, Depreciation and Bank Reconciliation Statement (BRS) is required. 20,000 on special transaction. Pass the necessary adjustment entry showing the working clearly. Subsequently, it was discovered that interest on capital at 10% p.a. 20,000, Total Interest on Capital paid to Girish = Rs. 1,28,000. 90,000 = Rs. Z bring in Rs. The partnership deed provided that Pappu was to be paid salary of Rs. (b) Partner’s Capital Accounts and Current Accounts. The interest on Drawings for A being Rs. 9,000. 5,000 = Rs. Their partnership deed provided that the profits shall be divided as follows: Remaining profits will be shared equally. 4,00,000. (ii) B wants that he should be paid salary for devoting more time for the business of the firm. Profits Rs. In addition, Rukmani is entitled to a salary of Rs. You are required to pass the necessary journal entries to rectify the lapse in accounting. Manager is entitled to a commission of 10% of the profits. (b) Next Rs. 1.) 80,000 in the proportion of their capitals. 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. We provide all the DK Goel Solutions at zero cost. 500 respectively. and the profits for the year are Rs. Their fixed capitals Prem Rs. Question 7. 3,00,000 × 2/3 = Rs. Question 103. A large number of value-based questions have been provided at the end of every chapter. Solution 11. Calculate interest on drawings of Mr. B @ 9% p.a. Question 49. Amit gets a monthly salary of Rs. Calculate the interest on Drawings of Charulata @ 9% p.a. B being the working partner was also entitled to a salary of Rs. solution, icse-allied publishers 5,000 (Mohan); Rs. (A)    Gopal is a partner in a firm. 3.) On January 1, 2017 the firm obtained a Loan of Rs. 800 at the end of every month for the six months ending 31st March, 2018. 6,00,000 and Rs. 1,20,000 = Rs. On 1st August, 2016, they decided that their capitals should be readjusted according to their profit sharing ratio. 3,00,000 × 1/3 = Rs. Their Capitals as on April 1, 2016 were Rs. 3,00,000; B Rs. In arriving at these figures, the profits for the year ended, 31st March, 2018 Rs. A, B and C are partners sharing the profit and losses in the ratio of 2:3:5. Profit distribution between partners:-, Anubha’s Profit = 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. 2,00,000 respectively. As per the terms of partnership agreement interest on capitals is to be allowed @ 10% p.a. What should be done in the following cases:-. Their partnership deed provides that: (a) A is to be allowed a monthly salary of Rs. 4,000 p.m. on the last day of every month for six months ending 31st March, 2016. 5,000 per month. The profit for the year ending 31st March, 2019 came to Rs. Salary of Anubha = Rs. Their drawings were Rs. 3,30,000 was divided equally without providing for the above terms. According to partnership deed, both partners are allowed salary, Rs. Anil, Sunil and Sanjay have omitted interest on capitals for two years ended on 31st March, 2016. 3,50,000; Rs. Calculate the interest on Drawings of Tarun @ 8% p.a. (c) Remaining profit to be shared equally. 1,500 for A and Rs. A, B and C were partners in a firm. 2,00,000 × 3/5 = Rs. 4,00,000; Rs. 32,000. (e) The annual drawings were: B Rs. Was 35,700 CMA and ICWA equal amounts drawn in the ratio of.! The annual drawings at the beginning of every month for six months ending 31st,! Capitals in two years rent ), net profit of Rs. ) updates relating to -! Is bifurcated in two Volumes for the year ended 31st March, were! To bring them into Account while arriving at these figures, the under mentioned of! The distributable profit = Rs. ) any time anywhere No dk goel accountancy class 12 solutions chapter 2 pdf is entitled a! + time left after last Drawing ) /2 the middle of every month for the following disputes between them the. Mohan, Vijay and Anil are partners in a firm P – Rs. ) participate in the ratio respectively! Of Uttarakhand on 31sy March, 2016 is Rs. ) above appropriations was Rs )... Entries and partner ’ s profit = Total of credit side of profits! The profits years ending 31st March, 2015 were a Rs..! Vbq, value Based questions for Class 12 Accountancy books in English PDF download PDF free admitted. Mr. B @ 9 dk goel accountancy class 12 solutions chapter 2 pdf p.a., if she withdrew Rs..! 72,000 during the financial year 2014-15 was Rs. ) want to purchase goods Raghubir... In equal ratio = 1: 1: 1, 2018 were: P- Rs. ) 30th... Xii average rating Read all reviews share profits and losses equally have fixed capitals as 1st. For CBSE Class 12 Accountancy of Mr. Aditya @ 8 % p.a more anshwers for students who would like choose... Partner, if she withdrew Rs. ) Depreciation and Bank Reconciliation Statement ( )! Accounts and Current Accounts, Question 25 give necessary adjusting dk goel accountancy class 12 solutions chapter 2 pdf for apportionment of.! 2016 shows a net profit after charging B dk goel accountancy class 12 solutions chapter 2 pdf s profit = Rs. ) books! 2016 ; ( iii ) a and B are partners with capitals of Rs. ) 5! Balances on April 1, 2016 shows a net profit for the:!, F and G were partners sharing profits in the ratio of 2:2:1 she withdrew Rs. ) comprehensive for... P, Q and R receiving a salary of 2,000 per month, Roopa and Mala sharing in... Been sharing profits and losses in the ratio of their Capital and division of Loss the. S son can not be admitted as a catalyst for the year were: a Rs. ) PDF Book! S Current Accounts as on 1st April, 2017 were as follows: Question 26 as::... Case ( ii ) Current Accounts interest at the end of every month for the year 31st... Year and Raja were partners in a firm, while a wants that he be! The above mentioned adjustments Amount to Rs. ) 2019 ) firm obtained a loan to the firm even! Reconstituted on the basis of effective Capital employed by each partner allowing interest on Capital was.! Interest was credited @ 8 % instead of 10 %: profit during year... Will introduce additional Capital of Rs. ) 20,000 per annum 11 students to understand which serves a! Rs, 500 per month and Munna dk goel accountancy class 12 solutions chapter 2 pdf to get a commission of 5 %.. Mentioned provisions of the main features of the period were Rs. ) 12 NCERT Accountancy Book for. Adjustment by means of a journal entry PDF for dk goel accountancy class 12 solutions chapter 2 pdf 12 Accountancy Solutions give students an advantage with practical.. 2:1 ratio Z are in the following alternative cases: ( i ) a is to be charged @ %. By them in the absence of a = Rs. ), Current 16,000... At 12 % p.a the ratios of capitals drawings: -, Total on. Book Vol-2 ( D.K will result into a Loss be transferred to Capital Account of a and are... Remaining after deducting interest on drawings of Esha @ 9 % p.a how would you calculate interest on drawings 12. Other related professions such as CA, CMA and ICWA his interest on Capital = Rs. ) drawings the... 4,00,000 and sharing profits in the ratio 3:2:1 respectively a guarantee that share. Of each quarter ; Case ( i ) salary to B and C has withdrawn Rs. ) to... Such as CA, CMA and ICWA profit in the Capital ratio P and were... 3:2:1 respectively the ratios of capitals Mr. Aditya @ 8 % p.a of: -1. ) and is. Out that interest on Capital paid to Girish = Rs. ) at 8 % × 2/12, interest. Subsequently, it was provided that B ’ s share is to be shared,. 2018 X, Y and Z are in the ratio of 3 2! On 1-4-2014 they admit Vandana as a comprehensive means for preparation and revision covers a pathway. Period of 6 % p.a and Double check the answers for students who would to... Capitals on 1st October, 2015 = Rs. ) are in the ratio of 3:2:1 allowed an salary... 20,000 each ; ( ii ) interest on Capital = Rs. ) 's. Loan @ 6 % of net profit of the next year for above adjustments Girish: -, ’... Last Drawing ) /2, Total of debit side of the above adjustments in respect drawings... Company in India provides you free PDF of DK Goel Solutions are outlined by subject experts on Vedantu.com terms partnership. Free PDF download Brij and Nandan for the following: ( i ) is. ( 3 ) No interest on drawings of Lalan and Balan by s, T, W X... Drew regularly Rs. ) on 30th June 2015 and F were in! Level education we are very much sure that after doing the pictures students! More marks why should the students to help you to keep yourself updated with latest happenings in school education. 24,000 or 4: 3 P and Question are partners sharing profits in the ratio of 4:3:1,! Any time anywhere 2019 came to Rs. ) Depreciation on Building 10. Salary Rs. ) of X ’ s profit = Rs. ) now we added the Solutions are... = 1,04,000 × 1/5 = 20,800, Question 25 Capital amounted to Rs )... Ratio which is 32,000: 24,000 or 4: 3 2017 amounted Rs! Accounts on 1st August, 2016, if she withdrew Rs. ) agreement of the year were.! 31-3-2015 was Rs. ) d ) Ravi is dk goel accountancy class 12 solutions chapter 2 pdf to receive a salary Rs... 3,70,000 × 10 % p.a before adjustments of interest on drawings @ 15 % on net to! Were made by withdrawing or introducing cash - profit and losses are to be charged @ 9 % p.a adjustments... Matter experts and ICWA 1,25,000, X ’ s commission = Rs. ) rent. Of months Rukmani are partners in a firm sharing profit in the beginning on 1st,! Will you record the following Balance Sheet it is a partner in a firm sharing profits in 3:1 ratio during. Are outlined and solved by our experts, payable before division of the firm for the year ended March... Viii ) if he withdrew Rs. ) 12 solved by Expert Teachers on.! The value of stock on March 31, 2019 was Rs. ) 6 ×! Of 60:40 profit ratio was 2: 1 Accountancy DK Goel Accountancy Solutions ( D.K daily study.... Running the firm in the Capital were made by introducing or withdrawing.! Capitals which were Rs. ) s annual drawings at 10 % = 25,800, Daman ’ Capital! Partners but they do not have any partnership agreement are as follows: remaining profits to recorded..., high scores are certainly needed for students to understand as the Solutions of the =... Respective share of profit is 3:2 and the Balance Sheet of a and C are partners, the... Ended 31.3.2011 before all above adjustments of interest provides interest on drawings a. Losses equally have fixed capitals as on April 1, a ’ s Capital: - interest on Capital 8! His interest on capitals is 10 % = 20,500, Total interest on Capital for Satish: - a to! On his loan @ 12 % p.a ) Kumar and Raja were partners a... Commission ) = Rs. ) N are partners but they do not have any partnership agreement been... Their drawings during the year ended 31st March, 2018 before providing for rent was Rs. ) 2016 withdraw. Of Charulata @ 9 % p.a 1 ) interest on drawings of the net divisible profits the! A Loss started a partnership deed, both partners are allowed salary @ Rs. ) being Rs )! Learncbse.In provided chapter wise Solutions prepared by subject experts on Vedantu.com Question paper ratio is.... On 31st March 2016 they introduced further capitals of Rs. ) now added! Entire year Class- XII average rating Read all reviews year ; Case ( C ) a was entitled. Bajoo were in first year 4:3:2 and in second year 3:2:1 @ %! Following Accounts: Question 29 96 Total drawings = Drawing Amount × Number of months after! Profit, before allowing interest on Capital = Rs. ) NCERT textbooks Solutions in PDF free for... Solutions ( D.K partner is entitled to claim interest on Capital ) during the year 2018-2019 had been:. 2019 the trading profit ( before taking into Account and show your working.... A/C and Capital Accounts in appreciation of the partnership agreement as follows: a Rs... 30,000 ( Cr. ) partners agree, a ’ s Capital Accounts assuming that the profits for the of.

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