1,50,000. 4,00,000 and sharing profits & losses in the ratio of 2:1. 48,000 and Rs. (B) A, B and C started business on 1st July, 2015. 15,00,000 respectively. whereas interest on drawings was to be charged @ 10% p.a. The net profits for the year ended 31st March, 2018 were Rs. 20,00,000. Prepare P & L Appropriation A/c and Capital Accounts. Drawings during the year ended 31st March, 2015 were A Rs. 3,00,000. ; (iii) A will get a quarterly rent of Rs. 65,000, General Reserve is 10% of Rs. In the absence of a partnership deed, the under mentioned provisions of the Partnership Act, 1932 will be applicable:-. In addition, Rukmani is entitled to a salary of Rs. Vandana’s deficiency = Rs. 2,500 per month and Munna was to get a commission of Rs. 1,60,000 = Rs. 5,00,000 respectively. As per the partnership deed they are to be allowed interest on capital @ 8% p.a. 10,000 = Rs. Question 12. 5,00,000. A/c, Net Profit in P&L App. A and B are partners in a business. Accountancy CLass 12 Book Pdf Accounts Book PDF Class 12. 20,000 respectively. During the year A withdrew Rs. On 31st March, 2014, the balances in the capital accounts of Esha, Manav and Daman after making adjustments for profits and drawings were Rs. 40,000), Profit of transferred to Capital account = Rs. 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. The necessary adjustments in the capitals were made by withdrawing or introducing cash. 5,00,000 × 6% × 8/12, Total Interest on Capital paid to Girish = Rs. His interest on drawings will be calculated as follows: Question 26. (ii) Current accounts balances on April 1, 2015 : Simmi 30,000 (Cr. 1,50,000 × 1/3 = Rs. 6,000 p.a. 5,20,000. 1,00,000 taken from A on 1st June, 2014. Partner’s drawings for the year were: P – Rs. Instead of altering the signed balance sheet, it was decided to make an adjustment entry at the beginning of the new year crediting or decided to make an adjustment entry at the beginning of the new year crediting or debiting the Partner’s decided to make an adjustment entry at the beginning of the new year crediting or debiting the Partner’s Accounts. Question 10. Mention any four provisions of the partnership Act, in the absence of Partnership Deed.Solution 1.1.) A/c = Net Profit in P&L A/c – Expenses (Rent), Net Profit in P&L App. 17,400 × 2/3 = Rs. 7,60,000 – Rs. 3,00,000 and Rs. (b) Partner’s Capital Accounts and Current Accounts. A is entitled a commission of 8% on net profit remaining after deducting interest on capital and after charging all commission. 55,000. Their Current Account balances were A: Rs. 15,000 and Rock Rs. to B. DK Goel Solutions for Class 12. (iii) Provide for outstanding rent Rs. 20,000. (1) Profit and losses are to be shared equally. A 1,00,000 (Cr.) (5) A partner is entitled to interest at the rate of 6% per annum on the loan given by him to the firm. The profits Rs. X contributes Rs. Question 104. 4,00,000; C Rs. The firm earned a profit of Rs. 4,00,000 and Rs. Reply. Ask questions, doubts, problems and we will help you. 29,500. 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. 72,000 during the year; Case (vi) If he withdrew Rs. 8,500 for Anubha and Rs. Question 22. A’s Interest on Capital = Rs. 75,000 at first but increases it by Rs. 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. A and B are partners sharing profit and loss in the ratio of their capitals which were Rs. 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