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DK Goel Solutions Class 12 Chapter 2 _ Free study material

DK Goel Solutions Class 12 Chapter 2 Accounting for Partnership Firms Fundamentals as per latest DK Goel Book<br><br>https://dkgoelsolutions.com/class-12/chapter-2-accounting-for-partnership-firms-fundamentals/

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DK Goel Solutions Class 12 Chapter 2 _ Free study material

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  1. DK Goel Solutions Class 12 Chapter 2 Accounting for Partnership Firms Fundamentals DK Goel Solutions Class 12 Chapter 2 , which is laid out by master Accountancy instructors from the most recent form of DK Goel Class 12 Accountancy books. We, at Dk Goel Solutions help students to fathom every one of the hypotheses, specifically. There are various ideas in Accountancy, however the ideas of Trial Balance, Depreciation and Bank Reconciliation Statement (BRS) are required. DK Goel Solutions Class 12 – Chapter 2 Short Answer Questions for DK Goel Solutions Class 12 Chapter 2 Question 1. Mention any four provisions of the partnership Act, in the absence of Partnership Deed. Solution 1 1.) Profit/Losses Sharing:- Profit/Losses are paid the partners equally. 2.) Return on Financial:- Capital interest is not paid partners. 3.) Interest on drawings:- Interest on drawings partners who are not paid.

  2. 4.) Debt Interest:- Interest at a rate of 6% p.a. It is be given the company on a partner’s loan. Such interest is be paid and in the case of damages the company. Question 2. State four important points which must be incorporated in a Partnership Deed. Solution 2 In the absence of the Partnership Deed, following are the terms of the Partnership Act: 1.) If both the partners consent, for the good of the couple, a minor can be admitted. 2.) Either with the consent of all current partners or in compliance with an explicit agreement between the partners, an individual can be admitted as a partner. 3.) Firm enrolment is voluntary and not obligatory. 4.) A partner may withdraw from the business either with the permission of all the other partners or in compliance with an explicit agreement between the partners. Question 3. Name any six items which are shown in ‘Profit and Loss Appropriation Account’. Solution 3 1.) Profit transferred Capital account 2.) Partners Salaries 3.) Partners Commission 4.) Partners Interest on Capital 5.) Interest on Partners Drawings

  3. 6.) Net Profit transferred from P&L account Question 4. Mention difference between the following:- (a) Fixed Capitals and Fluctuating Capitals. (b) Partner’s Capital Accounts and Current Accounts. Solution 4 (a) Fixed Capitals and Fluctuating Capitals

  4. DK Goel Solutions Class 12 Chapter 2 Accounting for Partnership Firms Fundamentals as per latest DK Goel Book Question 5. In the absence of Partnership Deed what are the rules relating to:- (a) Salaries of Partners; (b) Interest on Partner’s capitals; (c) Interest on Loan given a partner; (d) Profit sharing ratio; and (e) Interest on Partner’s drawings. Solution 5 (a) Salaries of Partners:- No partner shall be entitled any payment or commission for involvement in the conduct of the business of the company.

  5. (b) Interest in the capital of the partner:- No interest in the capital of the partner is permissible. (c) Return on a loan:- Interest at 6% p.a. It is be given the company on a partner’s loan. Such interest is be paid and in the case of damages the company. (d) Benefit-sharing ratio:- Profit and expenses, irrespective of their financial contribution, are be divided equally. (e) Interest in drawings of the partner:- No interest shall be levied on drawings. Question 6. If the Partner’s Capital Accounts are fixed, where will you record the following items:- (a) Drawings made a partner. (b) Salary payable a partner. (c) Fresh capital introduced a partner. (d) Share of Profit. (e) Interest on Drawings. Solution 6 DK Goel Solutions Class 12 Chapter 2 Accounting for Partnership Firms Fundamentals as per latest DK Goel Book Question 7. Mention the items that may appear on the debit side of the Capital Account of partner when the capitals are fluctuating. Solution 7

  6. Below are the things that appear while the money is fluctuating on the debit side of the partner’s capital account:— (1) Drawings (2) Interest on Drawings (3) Share of loss (4) Loss on revolution (5) Any assets taken partner (6) Closing Cr. Balance of the Capital Question 8. Mention the items that may appear on the credit side of the Capital Account of a partner when the capitals are fluctuating. Solution 8 Below are the things that can occur as the funds fluctuate on the credit side of a partner’s capital account:— (1) Opening credit balance of Capital (2) Additional Capital introduced (3) Share of profit (4) Interest on capital (5) Salary a partner

  7. Download Free study materials for your Examinations at DK goel Solutions

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