Accounting For Partnership Firms-Fundamentals | Past Adjustment Dk Goel Questions 46-47-48| Class 12
Accounting For Partnership Firms-Fundamentals | Past Adjustment Dk Goel Questions 46-47-48| Class 12 Question 46. Anil, Sunil and Sanjay have omitted interest on Capitals for two years ended on 31st March, 2023. Their fixed capitals in two years were Anil rs 8,00,000, Sunil rs 7,00,000 and Sanjay rs 3,00,000. Rate of interest on Capital is 10% p.a. Their profit sharing ratios were in first year 4:3:2 and in second year 3: 2:1. Give necessary adjusting entry at the beginning of next year. Question 47. P , Q and R are partners sharing profits in the ratio of 2:1:1. Their capitals as on 1st April, 2023 were rs 50,000, rs 30,000 and rs 20,000 respectively. At the end of the year ending 31st March, 2024 it was found out that interest on capitals @ 12% p.a., salaries to P, rs 500 per month and R rs 1,000 per month were not adjusted from the profits. Show adjusting entry to be made in the next year for above adjustments. Question 48. (A) On 1st April, 2022 the Capitals of A and B were rs 4,00,000 and rs 2,00,000 respectively. They divided profits in their capital ratio. Profits for the year ended 31st March, 2023 were rs 3,00,000 which have been duly distributed among the partners, but the following transactions were not passed through the books: (a) Interest on Capitals @ 12% p.a. (b) Interest on Drawings A rs 12,000; B rs 10,000. (c) Commission due to B rs 20,000 on a special transaction. (d) A is to be paid a salary of rs 50,000. You are required to pass a journal entry on 10th April, 2023 which will not affect the P & L A/c of the firm and at the same time will rectify the errors. Question 48. (B) Kumar and raja were partners in a firm sharing profits in the ratio of 7:3. Their fixed capitals were: Kumar rs 900000 and raja rs 400000. The partnership deed provided for the following but the profit for the year was distributed without providing for: (i) Interest on capital @ 9% per annum. (ii) Kumar's salary rs 50000 per year and Raja's salary rs 3000 per month. The profit for the year ended 31.3.2023 was rs 278000. Pass the adjustment entry. Thumbnail image designed by freepik www.freepik.com Your Queries accounting for partnership firm class 12 accounting for partnership firms fundamentals class 12 accounting for partnership firm class 12 questions solutions accounting for partnership firm class 12 chapter 1 DK GOEL class 12 accountancy solutions chapter 1 partnership fundamentals class 12 DK GOEL accounting for partnership firm class 12 practical problems DK GOEL accounting for partnership firm class 12 DK GOEL Fundamentals of partnership class 12 class 12 accountancy DK GOEL book DK GOEL accountancy solutions class 12 accounts class 12 chapter fundamentals class 12 accounts partnership chapter 1 class 12th accountancy chapter 1 fundamentals class 12th cbse accountancy chapter 1 class 12 cbse board accountancy class 12 accounts chapter 1 accounting for partnership firms fundamentals past Adjustment questions DK Goel accounting for partnership firms fundamentals class 12 chapter 1 DK GOEL accounting for partnership firms - fundamentals Most Important Questions 46-47-48(a)-48(b) class 12 chapter 1 adjustments in the closed accounts DK Goel solutions class 12th cbse #commerce #studycirclesaritasharma #accountingforpartnershipfirm #dkgoel
