Question 1

Question 1 Chapter 2 of Class 12 Part - 1 VK Publication

Sarbjit Singh · Accepted Answer

Question 44 Chapter 1 of Class 12 Part - 1
1. Om Parkash and Som Parkash commenced business in partnership on 1st April, 2017. No agreement was made either oral or written. They contributed Rs. 20,000 and Rs. 15,000 respectively as capital. On 1st October, 2017 Om Parkash advanced to the firm Rs. 10,000 as loan.On 15th November, 2017 Om Parkash met with an accident and could not attend the partnership business up to 15th February, 2018. The firm made a profit of Rs. 8,300 for the year ended 31s

Question 2

Question 2 Chapter 2 of Class 12 Part - 1 VK Publication

Sarbjit Singh · Accepted Answer

Question 2 Chapter 2 of Class 12 Part - 1
2. A and B are partners in a firm. Their partnership deed provides the following only:Interest on Capital to be allowed @ 12%Interest on Drawings to be charged @ 12% p.a.They presented the following Profit and Loss Appropriation Account:You are required to rectify the mistake and prepare revised Profit and Loss Appropriation Account.

Particulars
 
Rs.
Particulars
 Rs.

To Interest on Capitals @ 12% p.a.

By Profit and Loss A/c

Question 3

Question 3 Chapter 2 of Class 12 Part - 1 VK Publication

Sarbjit Singh · Accepted Answer

Question 3 Chapter 2 of Class 12 Part - 1
3. A and B were in partnership. They had agreed that interest on Capital be allowed @ 12% p.a. and interest be changed on the Drawings at the same rate . There was no other provision in their paternship deed. A presented the following Profit and Loss Appropriation Account:Should B accept it? In case you don’t advise him to accept it , then , redraw it. Also give the necessary entry for the rectification.
The solution of Question 3 Chapter 2 of Class 12

Question 4

Question 4 Chapter 2 of Class 12 Part - 1 VK Publication

Sarbjit Singh · Accepted Answer

Question 4 Chapter 2 of Class 12 Part - 1
4. A and B entered into a partnership on 1st April, 2017. They contributed Rs. 1,00,000 and Rs. 2,00,000 respectively and agreed that interest on capital should be allowed at 10% p.a. A must receive a salary of Rs. 20,000 p.a. and B Rs. 30,000 p.a. The profits for the year amounted to Rs. 1,20,000 which are to be shared equally amongst the partners. Interest on drawings amounted to Rs. 3,000 and Rs. 4,500 for A and B respectively.Prepare Profit and Loss

Question 5

Question 5 Chapter 2 of Class 12 Part - 1 VK Publication

Sarbjit Singh · Accepted Answer

Question 5 Chapter 2 of Class 12 Part - 1
5. Karam Singh and Suleman decided to start a partnership firm to manufacture low cost paper bags from the waste paper as plastic bags were creating many environmental problems. For this, they contributed capitals of Rs. 2,00,000 and Rs. 1,00,000 respectively on 1st April, 2012. Suleman also expressed his willingness to admit Inderjeet as a partner without capital in the firm. Inderjeet is specially abled but a very creative and intelligent friend of hi

Question 6

Question 6 Chapter 2 of Class 12 Part - 1 VK Publication

Sarbjit Singh · Accepted Answer

Question 6 Chapter 2 of Class 12 Part - 1
6. Kunal and Pawan were partners in a firm sharing profits in 4:3 ratio. Their capitals on 1.4.2017 were: Kunal Rs. 1,12,000 and Pawan Rs. 84,000. The partnership deed provided as follows:(i) Interest on capital and drawings will be allowed and charged @ 12% pa and 10% pa. respectively. (ii) Kunal and Pawan will be entitled to get monthly salary of Rs. 2,800 and Rs. 4,200 respectively. The profits for the year ended 31.3.2018 were Rs. 1,40,420. The draw

Question 7

Question 7 Chapter 2 of Class 12 Part - 1 VK Publication

Sarbjit Singh · Accepted Answer

Question 7 Chapter 2 of Class 12 Part - 1
7. Chikki and Dinky were partners in a firm sharing profits in the ratio of 5:3. Their fixed capitals on 1-4-2017 were: Arun Rs. 1,02,000 and Arora Rs. 1,36,000. They agreed to allow interest on capital @ 12% p.a. and to charge on drawings @ 15% pa. The profit of the firm for the year ended 31-3-2018 before all above adjustments was Rs. 40,000. The drawings made by Chikki were Rs. 3,400 and by Dinky Rs. 6,800 during the year. Prepare Profit and Loss App

Question 8

Question 8 Chapter 2 of Class 12 Part - 1 VK Publication

Sarbjit Singh · Accepted Answer

Question 8 Chapter 2 of Class 12 Part - 1
8. M , N and O were partners in a firm having capitals of Rs. 72,000; Rs. 72,000 and Rs. 96,000 respectively. Their Current Account balances were M: Rs. 12,000; N: Rs. 6,000 and O: Rs. 2, 400 According to the partnership deed, the partners were entitled to interest on capital @ 5% pa. O being the working partner was also entitled to a salary of Rs. 7,200 p.a. The profits w to be divided as follows:(a) The first Rs. 24,000 in proportion to their capitals

Question 9

Question 9 Chapter 2 of Class 12 Part - 1 VK Publication

Sarbjit Singh · Accepted Answer

Question 9 Chapter 2 of Class 12 Part - 1
9. Sheela and Sankalita are partners sharing profits and losses in the ratio of 2:3. Sheela's capital account showed a balance of Rs. 4,00,000 while Sankalita's capital account stood at Rs. 6,00,000. The current account balances of Sheela and Sankalita were Rs. 1,00,000 and Rs. 1,50,000 respectively. The profit earned during the year is Rs. 1,02,000.The partnership deed laid down that Sheela should be paid a salary of Rs. 1,000 p.m. whe Sankalita is ent

Question 10

Question 10 Chapter 2 of Class 12 Part - 1 VK Publication

Sarbjit Singh · Accepted Answer

Question 10 Chapter 2 of Class 12 Part - 1
10. On 1st April, 2017, three partners had the following amounts at the credit of their cap accounts-A Rs. 5,000, B Rs. 3,000 and C Rs. 2,000. On 1st April, 2017, they had to the credit of their Current Accounts- A Rs. 750, B Rs. 500 and Rs. 400 Profits are divided in the proportion of capital up to 2,000. Above that amount A gets 25% , B 33% and C 40%.A drew during the year 2017-18 Rs. 500, B drew Rs. 400 and C drew Rs. 300. The profits for the year 2

Question 11

Question 11 Chapter 2 of Class 12 Part - 1 VK Publication

Sarbjit Singh · Accepted Answer

Question 11 Chapter 2 of Class 12 Part - 1
11. Anshu and Deepa are partners in a firm, sharing profits and losses in the ratio of 3:1 The Profit and Loss Account of the firm for the year ending March 31, 2017 shows a net profit of Rs. 1,50,000 Prepare the Profit and Loss Appropriation Accomt by taking into consideration the following information: (i) Partners capital on 1st April, 2016. Anshu- Rs. 30,000, Deepu - Rs. 60,000.(ii) Current account balances on 1st April, 2016: Anshu- Rs. 30,000 (Cr

Question 12

Question 12 Chapter 2 of Class 12 Part - 1 VK Publication

Sarbjit Singh · Accepted Answer

Question 12 Chapter 2 of Class 12 Part - 1
12. Reena and Raman are partners with capitals of Rs. 3,00,000 and Rs. 1,00,000 respectively. The pfit (as per Profit and Loss Account) for the year ended 31st March, 2018 was Rs. 1,20,000. Interest on capital is to be allowed at 6% p.a. Raman was entitled to a salary of Rs. 30,000 p.a. The drawings of partners were Rs. 30,000 and Rs. 20,000. The interest on drawings to be charged to Reena was Rs. 1,000 and to Raman, Rs. 500. Assuming that Reena and Ra

Question 13

Question 13 Chapter 2 of Class 12 Part - 1 VK Publication

Sarbjit Singh · Accepted Answer

Question 13 Chapter 2 of Class 12 Part - 1
13. Prepare capital accounts of the partners M and K from the following information, assuming that their capitals are fluctuating:

Particulars
M
K

Capital on 1st April, 2016
Rs. 50,000
Rs. 35,000

Drawings during 2016-17
Rs. 200 in the beginning of every month.
Rs. 100 at the end of every month.

Interest on Capital
@6% p.a
@6% p.a.

Interest on Drawings
@6% p.a
@6% p.a.

Share Profit of 2016-17
Rs. 7,000
Rs. 75,000

Patner's Salary
-
Rs. 1,8

Question 14

Question 15 Chapter 2 of Class 12 Part - 1 VK Publication

Sarbjit Singh · Accepted Answer

Question 15 Chapter 2 of Class 12 Part - 1
15. Arun, Varun and Karan are partners sharing profits and losses in the ratio of 1:1:3. Their capital accounts on 1st April, 2017 are Rs. 30,000, Rs. 24,000 and Rs. 6,000 respectively. The provisions of partnership deed provides that:(i) 5% interest is to be allowed on capitals.(ii) Karan gets Rs. 3,000 as annual salary. (iii) Varun gets commission @ 10% after charging such commission.(v) Drawings-Arun Rs. 9,000, Varun Rs. 7,500 and Karan Rs. 6,000.Th

Question 15

Question 14 Chapter 2 of Class 12 Part - 1 VK Publication

Sarbjit Singh · Accepted Answer

Question 14 Chapter 2 of Class 12 Part - 1
14. P, Q and R are partners in a business and on 1st April, 2017 their capitals were Rs. 20,000, Rs. 12,500 and Rs. 10,000 respectively. According to the partnership deed, each partner was entitled to interest on capitals at 5% and to a salary of Rs. 750 p.a. Of the net divisible profits P is entitled to 40%. Q to 30% and R to 30% of the first Rs. 2,000. Over this amount profit were shared equally.The Profit and Loss Account for the year ended 31st Mar

Question 16

Question 16 Chapter 2 of Class 12 Part - 1 VK Publication

Sarbjit Singh · Accepted Answer

Question 16 Chapter 2 of Class 12 Part - 1
16. A and B are partners sharing profits and losses in the ratio of 3:1. On 1st April, 2017, their capitals were: A Rs. 50,000 and B Rs. 30,000. During the year ended 31st March, 2018, they earned a net profit of 750,000. The terms of partnership are as follows:(a) Interest on capital is to be charged @6% per annum.(b) A will get a commission at 2% on turnover.(c) B will get a salary of Rs. 500 per month.(d) B will get commission of 5% on profits after

Question 17

Question 17 Chapter 2 of Class 12 Part - 1 VK Publication

Sarbjit Singh · Accepted Answer

Question 17 Chapter 2 of Class 12 Part - 1
17. M , N and O are partners in a firm with fixed capitals of Rs.25,000, Rs. 35,000 and Rs. 45,000 respectively. The partnership deed provided for the following:(a) Interest on capital @5% pa. (b) Interest on drawings @6% p.a.(c) Each partner withdrew Rs. 8,000 on October 1, 2017.(d) Rs. 45,000 is to be transferred to a Reserve Account.(e) Profit-sharing ratio is 2:2:1.Net profit of the firm before above adjustments for the year ended 31st March, 2018

Question 18

Question 18 Chapter 2 of Class 12 Part - 1 VK Publication

Sarbjit Singh · Accepted Answer

Question 18 Chapter 2 of Class 12 Part - 1
18. Meenu and Joy are partners sharing profit in the ratio of 4:5 with capitals of Rs. 1,00,000 and Rs. 1,20,000 respectively. Interest on capital has been agreed at 10% p.a. Joy is entitled to receive a salary of Rs. 12,000 pa. They both withdrew Rs. 10,000 each during the year.Profit made during the year was Rs. 90,000 before appropriations, depreciation on machinery @12% valued at Rs. 1,00,000 and also before providing for a provision on debtors at

Question 19

Question 19 Chapter 2 of Class 12 Part - 1 VK Publication

Sarbjit Singh · Accepted Answer

Question 19 Chapter 2 of Class 12 Part - 1
19. X and Y are partners with capitals of Rs. 1,00,000 and Rs. 80,000 respectively and their profit sharing ratio is 2:1. Interest on capital is agreed @ 12% p.a. Y is to be allowed an annual salary of Rs. 6,000. The profits of the year ended on 31st March, 2018 amounted to Rs. 50,000. Manager is entitled to a commission of 10% of the profits.Prepare Profit and Loss Appropriation Account and Capital Accounts of Partners.
The solution of Question 19 Cha

Question 20

Question 20 Chapter 2 of Class 12 Part - 1 VK Publication

Sarbjit Singh · Accepted Answer

Question 20 Chapter 2 of Class 12 Part - 1
20. P and Q are partners sharing profits in the ratio of 3:2 with capitals of Rs. 1,00,000 and Rs. 60,000 respectively. Interest on capital is agreed at 10% per annum. Q is to be allowed an annual salary of Rs. 6,000. During the year, they withdrew Rs. 12,000 each. Profit for the year amounted to Rs. 36,000, prior to interest on capital and before charging depreciation at 10% on furniture valued Rs. 20,000 and before writing off bad debts of Rs. 1,000.

Particulars	Amount	Particulars	Amount
To Profit Transferred to Capital A/c’s		By Profits and loss A/c :
Om Prakash	4,000	[ 8,300 – 300 ( Interest on Om Prakash Loan for 6 months @ 6% p.a.0]	8,000
Som Prakash	4,000
	8 ,000		8 ,000

V K Accountancy Class 12-2021-22 - NPO and Partnership-Solution Solutions Chapter No. 2 Accounting for Partnership Firms Fundamentals VK Publication

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Usha Publication - Accountancy PSEB (Class 12) - Volume I - Solution

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