50,000 and Rs. Tricks for Proper Utilization of Add-On 15 Minutes introduced in CBSE Board Exams (ii) B is to get a monthly salary of Rs. 5,25,000 respectively. 6,00,000 × 8% × 9/12, Total Interest on Capital paid to X = Rs. 1,50,000. 10,00,000 and Rs. Calculate interest on A’s drawings: (i) If he has withdrawn Rs. The firm earned a profit of Rs. Question 19. Reply. A person may be admitted as a partner either with the consent of all the existing partners or in accordance with an express agreement among the partners. 60,000) = Rs. 20,000 respective 1st April, 2017, on which they are entitled to interest @ 6% p.a. 250, Vijay Rs. 3,00,000, Capital in the beginning on 1st April, 2015 = Rs. As per the provisions of the partnership deed: (a) C was entitled for a salary of Rs. Rs. NCERT Class 12 Accountancy Books are provided in PDF form so that students can access it at any time anywhere. Other partners have no objection to this. The net profit of the firm for the year before making the above adjustments was Rs. Prepare Profit and Loss Appropriation Account of Brij and Nandan for the year ended 31. 16.000; December 31: Rs. Question 35. 15,000 quarterly and R Rs. Question 47. X and Y are partners sharing profit in the ratio of 2:1.The under mentioned trial balance was extracted from their books on 31st March, 2019: You are required to prepare the Profit and Loss Account and Profit and Loss Appropriation Account for the year ended 31st March, 2019 and a Balance Sheet as on that date. 500 per month. Question 101. On July 1, 2016, L brought Rs. 18,000 and Rs. Important updates relating to your studies which will help you to keep yourself updated with latest happenings in school level education. During the year A withdrew Rs. According to the deed, interest on capitals is to be allowed at 8% p.a. Calculate interest on capitals and drawings. Thus. The firm earned a profit, before all above adjustments of Rs. 12,000 and Sonu Rs. Free PDF download of DK Goel Solutions for Class 12 solved by Expert Teachers on Vedantu.com. 4,72,500 – Rs. for two years ended 31st March, 2016. Divide this between the partners. for the year ended 31st March, 2018, if she withdrew Rs. 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. 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. 5,00,000; B Rs. 15,000 = Rs. During the year ended 31st March, 2016 the firm earned a profit of Rs. 4,000 from the firm in the middle of every month. Unknown 8 September 2020 at 21:58. plzz give more anshwers for students study. Their capital accounts at the beginning of the year stood as follows: A Rs. Pass the necessary adjusting entry. Class 12 NCERT Accountancy Books are created by the best professors who are experts in Accountancy and have good knowledge in the subject. Interest is allowed on capital at 5% per annum but is not charged on drawings. Show Current Accounts. According to the partnership deed the partners were entitled to interest on capital @ 10% p.a. (c) Commission due to B Rs. 1,00,000 respectively to the firm. 9,00,000 and Rs. 4,000 from the firma the end of every month, and (iii) Z draws Rs. Question 69. 6,00,000 – Rs. Such interest shall be paid even if there are losses to the firm. 5,000 p.m. at the end of every month; Case (iii) If he withdrew Rs. 1,20,000 – Rs. We, at BYJUâS, provide DK Goel Solutions for CBSE Class 11 Accountancy to assist students in comprehending all the theories. Ajoo and Bajoo were in partnership sharing profits and losses in the proportion of 4/5 and 1/5 respectively. 3,00,000 respectively. 20,000; B Rs. During the year ended 31.03.2014, the firm earned a profit of Rs. 4,75,000 respectively. Net Profit transferred from P&L account, Question 4. Below are the provisions of the partnership Act, in the absence of Partnership Deed:-. 2.) 1,50,000. ), Namit: Rs. 4,00,000; Rs. (iv) If the partnership deed provides for Interest on Capital @ 6% p.a. Their fixed capitals on 1.4.2010 were: Arun Rs. 40,000 respectively. On 1st July, 2017, A withdrew Rs. 5,000 per month. On 1st April, 2017 the balances of A and B were as follows:-, Capital Account Current Account. 5,00,000 and Question – Rs. 1. The profit of the firm for the year ended 31.3.2011 before all above adjustments were Rs. Interest on Loan:- Interest at the rate of 6% p.a. for the year ended 31st March, 2018 in each of the following alternative cases : Case (a) if his drawings during the year were Rs. The partnership deed provided for the following but the profit for the year was distributed without providing for: (ii) Kumar’s salary Rs. (B) Gupta is a partner in a firm. Vibhuti’s Share = 1,04,000 × 1/5 = 20,800, Question 25. On this date, their current account balances were Rs. 2,50,000 respectively. CBSE Class 11 Accountancy DK Goel (2019) Solutions are created by experts of the subject, hence, sure to prepare students to score well. 35,000 + Rs. 3,000 and Rs. Mention any four provisions of the partnership Act, in the absence of Partnership Deed.Solution 1.1.) NCERT Accountancy Book download for Class 11 and 12 in English and Hindi Medium. 11,200 + Rs. Give necessary journal entry to rectify the accounts. 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 A, B and C entered into partnership on 1st April 2016 with capital of Rs. Z is entitled to a salary of Rs. 5,40,000. (B) X, Y and Z are partners in a firm. and on drawings at 6% p.a. (b) A used Rs. 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. and a commission of 8% of net profit before charging any commission. The following differences have arisen among A, B and C. Give your decision regarding the same :-. The partnership deed provided interest on capital @ 12% p.a. 24,000 each. interest on his capital. During the year ended 31st March, 2015, they earned a net profit of Rs. Not only do these DK Goel Solutions for Class 12 Accountancy strengthen students’ foundation in the subject, but also provide them with the ability to try different types of questions easily. Question 7. Also show the working notes clearly. 6,000 and C Rs. 2,10,000 + Rs. Pass necessary entries in the books of the firm. DK Goel Solutions for Class 12 â¦ 50,000. 2,58,000 × 10% = 25,800, Daman’s Interest on Capital = Rs. Question 25. 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