Commerce Exam > Commerce Notes > DK Goel Solutions - Class 12 Accountancy > DK Goel Solutions: Accounting for Partnership Firms – Fundamentals
DK Goel Solutions: Accounting for Partnership Firms – Fundamentals | DK Goel Solutions - Class 12 Accountancy - Commerce PDF Download
Q1: A and B are partners in a farm. A is entitled to a salary of Rs. 15,000 p.m and a commission of 10% of net profit before charging any commission. B is entitled to a commission of 10% of net profit after charging his commission. Net profit till 31st March 2018 was Rs. 4,40,000. Show the distribution of profit.
Ans:
Q2: X, Y, and Z are partners sharing profits and losses in the ratio 3:2:1. After the final accounts have been prepared, it discovered that interest in drawings@5% p.a had not been taken into consideration. The drawings of the partners were: X Rs. 1,50,000, Y Rs. 1,26,000 , Z Rs. 1,20,000. Prepare a journal entry.
Ans:
Calculation of Interest on Drawings:
Since the date of the drawing is not given, interest will be charged for 6 months.
X: 5% on Rs. 1,50,000 for 6 months = Rs. 3,750
Y: 5% on Rs. 1,26,000 for 6 months = Rs. 3,150
Z: 5% on Rs. 1,20,000 for 6 months = Rs. 3,700
Rs. 9,900
Hence, the adjusting entry will be:
Q3: Akshara and Samiksha are partners. Business is carried from the property owned by Akshara on a monthly rent of Rs. 5,000. Akshara is entitled to a salary of Rs. 40,000 per quarter and Samiksha get a commission of 4% on net sales, which during the year was Rs. 5,00,000. Net profit till 31st March, 2018 before providing for rent was Rs. 6,00,000
Prepare a profit and loss appropriate account till 31st March 2018.
Ans: 
*Rent paid to a partner is a charge against profits. It will be debited to the Profit & Loss Account.
Q4: Ravi and Mohan were partners in a firm sharing profits in the ratio of 7:5. Their respective fixed capitals were Ravi Rs. 10,00,000 and Mohan Rs. 7,00,000. The partnership deed provided for the following:
- Interest on Capital @ 12% pa.
- Ravi’s salary Rs. 6,000 per month and Mohan’s salary Rs. 60,000 per year.
The profit till March 31-3-2019 was Rs. 5,04,000 which was distributed equally, without providing for the above. Record an adjustment entry.
Ans:
*Remaining profit will have to be calculated when profit has already been distributed in wrong profit sharing ratio.
The document DK Goel Solutions: Accounting for Partnership Firms – Fundamentals | DK Goel Solutions - Class 12 Accountancy - Commerce is a part of the Commerce Course DK Goel Solutions - Class 12 Accountancy.
All you need of Commerce at this link: Commerce
FAQs on DK Goel Solutions: Accounting for Partnership Firms – Fundamentals - DK Goel Solutions - Class 12 Accountancy - Commerce
| 1. What are the key features of a partnership firm in accounting? |  |
Ans. A partnership firm is characterized by two or more individuals who come together to operate a business with the intention of sharing profits. Key features include mutual agency, limited liability (in some cases), sharing of profits and losses, and the partnership agreement which outlines the roles and responsibilities of each partner.
| 2. How is profit sharing determined in a partnership? | |
Ans. Profit sharing in a partnership is usually determined by the partnership agreement, which specifies the ratio in which profits and losses will be shared among partners. If no agreement exists, profits are typically shared equally unless stated otherwise.
| 3. What is a partnership deed and why is it important? | |
Ans. A partnership deed is a legal document that outlines the terms and conditions of a partnership agreement. It is important as it provides clarity on the rights and duties of partners, profit-sharing ratios, capital contributions, and other operational guidelines, thus preventing disputes.
| 4. How do you record the admission of a new partner in accounting? | |
Ans. The admission of a new partner involves adjusting the capital accounts of existing partners and creating a new capital account for the new partner. It may also require the revaluation of assets and liabilities to reflect their current value and determine goodwill, which is often paid to existing partners.
| 5. What is the treatment of goodwill in a partnership firm? | |
Ans. Goodwill in a partnership firm represents the intangible asset reflecting the firm's reputation and customer relationships. It is recorded in the books at the time of the admission of a new partner or when there's a change in profit-sharing ratio. The treatment involves valuing goodwill and distributing it among the partners based on their profit-sharing ratios.
Related Exams
About this Document
|
4.93/5 Rating |
|
Dec 23, 2024 Last updated |
Document Description: DK Goel Solutions: Accounting for Partnership Firms – Fundamentals for Commerce 2024 is part of DK Goel Solutions - Class 12 Accountancy preparation.
The notes and questions for DK Goel Solutions: Accounting for Partnership Firms – Fundamentals have been prepared according to the Commerce exam syllabus. Information about DK Goel Solutions: Accounting for Partnership Firms – Fundamentals covers topics
like and DK Goel Solutions: Accounting for Partnership Firms – Fundamentals Example, for Commerce 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for DK Goel Solutions: Accounting for Partnership Firms – Fundamentals.
Introduction of DK Goel Solutions: Accounting for Partnership Firms – Fundamentals in English is available as part of our DK Goel Solutions - Class 12 Accountancy
for Commerce & DK Goel Solutions: Accounting for Partnership Firms – Fundamentals in Hindi for DK Goel Solutions - Class 12 Accountancy course.
Download more important topics related with notes, lectures and mock test series for Commerce
Exam by signing up for free. Commerce: DK Goel Solutions: Accounting for Partnership Firms – Fundamentals | DK Goel Solutions - Class 12 Accountancy - Commerce
Description
Full syllabus notes, lecture & questions for DK Goel Solutions: Accounting for Partnership Firms – Fundamentals | DK Goel Solutions - Class 12 Accountancy - Commerce - Commerce | Plus excerises question with solution to help you revise complete syllabus for DK Goel Solutions - Class 12 Accountancy | Best notes, free PDF download
Information about DK Goel Solutions: Accounting for Partnership Firms – Fundamentals
In this doc you can find the meaning of DK Goel Solutions: Accounting for Partnership Firms – Fundamentals defined & explained in the simplest way possible. Besides explaining types of
DK Goel Solutions: Accounting for Partnership Firms – Fundamentals theory, EduRev gives you an ample number of questions to practice DK Goel Solutions: Accounting for Partnership Firms – Fundamentals tests, examples and also practice Commerce
tests
|
Explore Courses for Commerce exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
Related Searches
ppt
,video lectures
,Previous Year Questions with Solutions
,DK Goel Solutions: Accounting for Partnership Firms – Fundamentals | DK Goel Solutions - Class 12 Accountancy - Commerce
,DK Goel Solutions: Accounting for Partnership Firms – Fundamentals | DK Goel Solutions - Class 12 Accountancy - Commerce
,Extra Questions
,Summary
,Free
,Viva Questions
,shortcuts and tricks
,practice quizzes
,MCQs
,study material
,Semester Notes
,past year papers
,Objective type Questions
,Important questions
,Sample Paper
,Exam
,DK Goel Solutions: Accounting for Partnership Firms – Fundamentals | DK Goel Solutions - Class 12 Accountancy - Commerce
,mock tests for examination
;
Additional Information about DK Goel Solutions: Accounting for Partnership Firms – Fundamentals for Commerce Preparation
DK Goel Solutions: Accounting for Partnership Firms – Fundamentals Free PDF Download
The DK Goel Solutions: Accounting for Partnership Firms – Fundamentals is an invaluable resource that delves deep into the core of the Commerce exam.
These study notes are curated by experts and cover all the essential topics and concepts, making your preparation more efficient and effective.
With the help of these notes, you can grasp complex subjects quickly, revise important points easily,
and reinforce your understanding of key concepts. The study notes are presented in a concise and easy-to-understand manner,
allowing you to optimize your learning process. Whether you're looking for best-recommended books, sample papers, study material,
or toppers' notes, this PDF has got you covered. Download the DK Goel Solutions: Accounting for Partnership Firms – Fundamentals now and kickstart your journey towards success in the Commerce exam.
Importance of DK Goel Solutions: Accounting for Partnership Firms – Fundamentals
The importance of DK Goel Solutions: Accounting for Partnership Firms – Fundamentals cannot be overstated, especially for Commerce aspirants.
This document holds the key to success in the Commerce exam.
It offers a detailed understanding of the concept, providing invaluable insights into the topic.
By knowing the concepts well in advance, students can plan their preparation effectively.
Utilize this indispensable guide for a well-rounded preparation and achieve your desired results.
DK Goel Solutions: Accounting for Partnership Firms – Fundamentals Notes
DK Goel Solutions: Accounting for Partnership Firms – Fundamentals Notes offer in-depth insights into the specific topic to help you master it with ease.
This comprehensive document covers all aspects related to DK Goel Solutions: Accounting for Partnership Firms – Fundamentals.
It includes detailed information about the exam syllabus, recommended books, and study materials for a well-rounded preparation.
Practice papers and question papers enable you to assess your progress effectively.
Additionally, the paper analysis provides valuable tips for tackling the exam strategically.
Access to Toppers' notes gives you an edge in understanding complex concepts.
Whether you're a beginner or aiming for advanced proficiency, DK Goel Solutions: Accounting for Partnership Firms – Fundamentals Notes on EduRev are your ultimate resource for success.
DK Goel Solutions: Accounting for Partnership Firms – Fundamentals Commerce Questions
The "DK Goel Solutions: Accounting for Partnership Firms – Fundamentals Commerce Questions" guide is a valuable resource for all aspiring students preparing for the
Commerce exam. It focuses on providing a wide range of practice questions to help students gauge
their understanding of the exam topics. These questions cover the entire syllabus, ensuring comprehensive preparation.
The guide includes previous years' question papers for students to familiarize themselves with the exam's format and difficulty level.
Additionally, it offers subject-specific question banks, allowing students to focus on weak areas and improve their performance.
Study DK Goel Solutions: Accounting for Partnership Firms – Fundamentals on the App
Students of Commerce can study DK Goel Solutions: Accounting for Partnership Firms – Fundamentals alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the DK Goel Solutions: Accounting for Partnership Firms – Fundamentals,
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of DK Goel Solutions: Accounting for Partnership Firms – Fundamentals is prepared as per the latest Commerce syllabus.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup