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NCERT · Class 12 · Accountancy

Unit 1: Accounting for Partnership Firms – Basic Concepts

Practice each question, then open the answer or worked solution.

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Numerical Questions for NCERT Accountancy Solutions Class 12 Part 1 Chapter 2

40 questions
Q31Written answer

The net profit of X, Y and Z for the year ended March 31, 2016, was ₹ 60,000, and the same was distributed among them in their agreed ratio of 3:1:1. It was subsequently discovered that the under-mentioned transactions were not recorded in the books:

(i) Interest on Capital @ 5% p.a.
(ii) Interest on drawings amounting to X ₹ 700, Y ₹ 500 and Z ₹ 300.
(iii) Partner’s Salary: X ₹ 1000, Y ₹ 1500 p.a.

The capital accounts of partners were fixed as: X ₹ 1, 00,000, Y ₹ 80,000 and Z ₹ 60,000. Record the adjustment entry.

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Worked solution

The solution to this question is as follows:

Past Adjustment

X Y Z   Total
Interest on Capital 5,000 4,000 3,000 = 12,000
Less: Interest on Drawings (700) (500) (300) = (1,500)
Add: Partner’s Salaries 1,000 1,500 NIL = 2,500
Right Distribution of ₹ 13,000 5,300 5,000 2,700 = 13,000
Less: Wrong distribution of ₹ 13,000 (3:1:1) (7,800) (2,600) (2,600) = (13,000)
(2,500) Dr. 2,400 Cr 100 Cr = NIL

Explanation:

Capital has a credit balance if it is deducted will be debited, and if it is added, it will be credited.

Here X wrongly took an excess ₹ 2,500; hence, ₹ 2,500 will be deducted from X’s capital Account; on the other hand, Y and Z took less amount than they should have been taken; hence the capital account of Y and Z will be added.

Date Particulars   L.F Debit Amount ₹ Credit Amount ₹
X’s Capital A/c Dr. 2,500
To Y’s Capital A/c 2,400
To Z’s Capital A/c 100
(Profit adjusted among partners)
Q32Written answer

The firm of Harry, Porter and Ali, who have been sharing profits in the ratio of 2:2:1, have existed for the same years. Ali wants that he should get an equal share in the profits with Harry and Porter, and he further wishes that the change in the profit-sharing ratio should come into effect retrospectively for the last three years. Harry and Porter have an agreement on this account. The profits for the last three years were:

  ₹
2014-15 22,000
2015-16 24,000
2016-17 29,000

 Show adjustment of profits by means of a single adjustment journal entry.

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Worked solution

The solution to this question is as follows:

Distribution of Profit

Old Ratio (2:2:1) Harry Porter Ali Total
Year          
2014 – 15 (8,800) (8,800) (4,400) = (22,000)
2015 – 16 (9,600) (9,600) (4,800) = (24,000)
2016 – 17 (11,600) (11,600) (5,800) = (29,000)
=
Total Profit of 3 Years in the Old Ratio (30,000) (30,000) (15,000) = (75,000)
Distribution of 3 Years Profit in New Ratio (1:1:1) 25,000 25,000 25,000 = 75,000
Adjusted Profit (5,000) (5,000) 10,000 NIL

Journal (Adjusting entry)

Date Particulars

 

 L.F Debit Amount ₹ Credit Amount ₹
         
Harry’s Capital A/c Dr. 5,000  
Porter’s Capital A/c Dr. 5,000
To Ali’s Capital A/c 10,000
(Profit adjusted due to change in profit sharing ratio)
Q33Written answer

Mannu and Shrishti are partners in a firm sharing profit in the ratio of 3:2. Following is the balance sheet of the firm as on March 31, 2017.

    Amount     Amount
Liabilities ₹ Assets ₹
Mannu’s Capital 30,000   Drawings :    
Shrishti’s Capital 10,000 40,000 Mannu 4,000  
      Shrishti 2,000 6,000
      Other Assets 34,000
    40,000     40,000
           

Profit for the year ended March 31, 2017, was ₹ 5,000, which was divided in the agreed ratio, but interest @ 5% p.a. on capital and @ 6% p.a. on drawings was inadvertently enquired. Adjust interest on drawings on an average basis for 6 months. Give the adjustment entry.

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Worked solution

The solution to this question is as follows:

Adjustment of Profit

Mannu’s Shrishti Total
Interest on Capital 1,500 500 = 2,000
Less: Interest on Drawings (120) (60) = (180)
Right Distribution of ₹ 1,820 1,380 440 = 1,820
Less: Wrong Distribution of ₹ 1,820 (3:2) (1,092) (728) = (1,820)
Adjusted Profit 288 (288) = NIL

Adjusting Journal Entry

Date Particulars L.F Debit Amount 

₹

 Credit Amount 

₹
Shrishti’s Capital A/c Dr. 288
To Mannu’s Capital A/c 288
(Adjustment of profit made)
Q34Written answer

On March 31, 2017, the balance in the capital accounts of Elvin, Monu and Ahmed, after making adjustments for profits, drawing, etc., were ₹ 80,000, ₹ 60,000 and ₹ 40,000, respectively. Subsequently, it was discovered that interest on capital and interest on drawings had been omitted. The partners were entitled to interest on capital @ 5% p.a. The drawings during the year were Elvin ₹ 20,000, Monu ₹ 15,000 and Ahmed ₹ 9,000. Interest on drawings chargeable to partners were Elvin ₹ 500, Monu ₹ 360 and Ahmed ₹ 200. The net profit during the year amounted to ₹ 1, 20,000. The profit sharing ratio was 3:2:1. Pass necessary adjustment entries.

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Worked solution

The solution to this question is as follows:

In this question, interest on capital shall be calculated on opening capital.

Elvin Monu Ahmed
Capital on 31 Mar. 2017 (Closing Capital) 80,000 60,000 40,000
Add: Drawings 20,000 15,000 9,000
Less: Profit ₹ 120,000 (3:2:1) (60,000) (40,000) (20,000)
Capital on April 01, 2016 (Opening Capital) 40,000 35,000 29,000

Adjustment of Profit

Elvin Monu Ahmed   Total
Interest on Capital (on Opening Capital) 2,000 1,750 1,450 = 5,200
Less: Interest on Drawings (500) (360) (200) = (1,060)
Right Distribution of ₹ 4,140 1,500 1,390 1,250 = 4,140
Less: Wrong Distribution of ₹ 4,140 (in the ratio 3:2:1) (2,070) (1,380) (690) = (4,140)
(570) 10 560 = NIL

 

Adjusting Journal Entry

Date Particulars

 

 L.F. Debit Amount

₹

 Credit Amount ₹
         
Elvin’s Capital A/c Dr. 570  
To Monu’s Capital A/c 10
To Ahmed’s Capital A/c 560
(Adjustment of Profit made)

 

Q35Written answer

Azad and Benny are equal partners. Their capitals are ₹ 40,000 and ₹ 80,000, respectively. After the accounts for the year had been prepared, it was discovered that interest at 5% p.a., as provided in the partnership agreement, had not been credited to the capital accounts before the distribution of profits. It is decided to make an adjustment entry at the beginning of the next year. Record the necessary journal entry.

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The solution to this question is as follows:

Adjustment of Profit

Azad Benny Total
Interest on Capital 2,000 4,000 = 6,000
Less: Wrong Distribution of Profit ₹ 6,000 (1: 1) (3,000) (3,000) = (6,000)
Adjusted Profit (1,000) (1,000) = NIL

  

Adjusting Journal Entry

Date Particulars

 

 L.F Debit Amount

₹

 Credit Amount

₹
         
Azad’s Current  A/c Dr. 1,000  
To Benny’s Current A/c 1,000
(Adjustment of profit made)

 

Q36Written answer

Kavita and Pradeep are partners, sharing profits in the ratio of 3:2. They employed Chandan as their manager, to whom they paid a salary of ₹ 750 p.m. Chandan deposited ₹ 20,000 on which interest is payable @ 9% p.a. At the end of 2017 (after the division of profit), it was decided that Chandan should be treated as partner w.e.f. Jan. 1, 2014, with 1/6 th share in profits. His deposit is considered as capital carrying interest @ 6% p.a., like the capital of other partners. Firm’s profits after allowing interest on capital were as follows:

    ₹
2014 Profit 59,000
2015 Profit 62,000
2016 Loss (4,000)
2017 Profit 78,000

 Record the necessary journal entries to give effect to the above.

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Worked solution

The solution to this question is as follows:

Interest on

Loan

 + Salary = Total
2014 59,000 + 1,800 + 9,000 = 69,800
2015 62,000 + 1,800 + 9,000 = 72,800
2016 (4,000) + 1,800 + 9,000 = 6,800
2017 78,000 + 1,800 + 9,000 = 88,800
1,95,000 + 7,200 + 36,000 = 2,38,200

Chandan received as Manager = Interest on Loan + Salary = 7,200 + 36,000 = ₹ 43,200

Total Profit of 4 years before interest on Chandan’s Loan and Salary = 2, 38,200

Interest on Chandan’s Capital for 4 years = {20,000 × (6/100) = 1,200}

= 1,200 × 4 = ₹ 4,800

Profit after interest on all partners’ Capital

= Total Profit of four years before interest on Chandan’s loan and Salary – Interest on Chandan’s Capital for four years

= 2, 38,200 – 4,800

= ₹ 2, 33,400

Wrong Distribution – Distribution of 4 years

Profit when Chandan as a Manager

Kavita {1,95,000 × (3/5)} = 1,17,000
Pradeep {1,95,000 × (2/5)} = 78,000
Chandan Received as Manager = Interest on Loan + Salary
= 7,200 + 36,000 = 43,200
2,38,200

Right Distribution – Division of Profit when Chandan as Partner

Chandan Share of Profit {2,33,400 × (1/6)} 38,900
Interest on Capital 4,800
43,700
Kavita’s Share of Profit {(2,33,400 – 38,900) ×(3/5)} = 1,16,700
Pradeep’s share of Profit {(2,33,400 – 38,900) × (2/5)} = 77,800

Adjustment of Profit

Kavita   Pradeep   Chandan = Total
Distribution of profit when Chandan as partner 1,16,700 77,800 43,700 = 2,38,200
Less: Distribution of profit when Chandan as the manager (1,17,000) (78,000) (43,200) = (2,38,200)
Right distribution of ₹ 4,140 (300) (200) (500) = NIL

 

Date Particulars

 

 L.F. Debit Amount ₹ Credit Amount ₹
  Kavita’s Capital A/c Dr.   300  
Pradeep’s Capital A/c Dr. 200  
To Chandan’s Capital A/c 500
(Adjustment of profit made)

 

Q37Written answer

Mohan, Vijay and Anil are partners, the balance on their capital accounts being ₹ 30,000, ₹ 25,000 and ₹ 20,000, respectively. In arriving at these figures, the profits for the year ended March 31, 2017, amounting to Rupees 24,000, had been credited to partners in the proportion in which they shared profits. During the year, the drawings for Mohan, Vijay and Anil were ₹ 5,000, ₹ 4,000 and ₹ 3,000, respectively. Subsequently, the following omissions were noticed:

(a) Interest on Capital, at the rate of 10% p.a., was not charged.
(b) Interest on Drawings: Mohan ₹ 250, Vijay ₹ 200, and Anil ₹ 150 were not recorded in the books.

Record necessary corrections through journal entries.

Interest on Capital shall be calculated on opening capital.

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Worked solution

The solution to this question is as follows:

Mohan Vijay Anil
Closing Capital 30,000 25,000 20,000
Add: Drawings 5,000 4,000 3,000
Less: Profit (1:1:1) (8,000) (8,000) (8,000)
Opening Capital 27,000 21,000 15,000

Interest on Capital

Mohan = 27,000 × 10  = ₹ 2,700
100
Vijay = 21,000 × 10  = ₹ 2,100
100
Anil = 15,000 × 10  = ₹ 1,500
100

Adjustment of Profit

Mohan Vijay Anil   Total
Interest on Capital (on Opening Capital) 2,700 2,100 1,500 6,300
Interest on Drawings (250) (200) (150) (600)
2,450 1,900 1,350 5,700
Wrong Distribution (1,900) (1,900) (1,900) = (5,700)
550 NIL (550)

Adjusting Journal Entry

Date Particulars

 

 L.F Debit Amount

₹

 Credit Amount

₹
         
Anil’s Capital A/c Dr. 550  
To Vijay’s Capital A/c 550
(Adjustment of profit made)
Q38Written answer

Anju, Manju and Mamta are partners whose fixed capitals were ₹ 10,000, ₹ 8,000 and ₹ 6,000, respectively. As per the partnership agreement, there is a provision for allowing interest on capital @ 5% p.a., but entries for the same have not been made for the last three years. The profit-sharing ratio during these years remained as follows:

 

Year Anju Manju Mamta
2014 4 3 5
2015 3 2 1
2016 1 1 1

 

Make necessary adjustment entry at the beginning of the fourth year, i.e. Jan. 2017.

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Worked solution

The solution to this question is as follows:

Interest on Capital

    Anuj = 10,000 × 5  = ₹ 500
100
Manju = 8,000 × 5  = ₹ 400
100
Mamta = 6,000 × 5  = ₹ 30
100

Adjustment of Profit

Year 2014

Anuj Manju Mamta = Total
Interest on Capital 500 400 300 1,200
Wrong Distribution of ₹ 1,200 (4:3:5) (400) (300) (500) = (1,200)
100 100 (200) NIL

Year 2015

Anuj Manju Mamta = Total
Interest on Capital 500 400 300 1,200
Wrong Distribution of ₹ 1,200 (3:2:1) (600) (400) (200) = (1,200)
(100) NIL 100 NIL

Year 2016

Anuj Manju Mamta = Total
Interest on Capital 500 400 300 1,200
Wrong distribution of ₹ 1,200 (1:1:1) (400) (400) (400) = (1,200)
100 NIL (100) NIL

Final Adjustment

Anuj Manju Mamta
2014 100 100 (200)
2015 (100) NIL 100
2016 100 NIL (100)
100 100 (200)

Adjusting Journal Entry

Date Particulars L.F Debit Amount

₹

 Credit Amount

₹
Jan. 2017
Mamta’s Capital A/c Dr. 200
To Anuj’s Capital A/c 100
To Manju Capital A/c 100
(Adjustment of profit made)
Q39Written answer

Dinaker and Ravinder were partners sharing profits and losses in the ratio of 2:1. The following balances were extracted from the books of account for the year ended December 31, 2017.

Account Name Debit

Amount

₹

 Credit

Amount

₹
Capital
Dinaker 2,35,000
Ravinder 1,63,000
Drawings
Dinaker  6,000
Ravinder  5,000
Opening Stock 35,100
Purchases and Sales 2,85,000 3,75,800
Carriage Inward 2,200
Returns 3,000 2,200
Stationery 1,200
Wages 12,500
Bills Receivables and Bills Payables 45,000 32,000
Discount 900 400
Salaries 12,000
Rent and Taxes 18,000
Insurance Premium 2,400
Postage 300
Sundry Expenses 1,100
Commission 3,200
Debtors and Creditors 95,000 40,000
Building 1,20,000
Plant and Machinery 80,000
Investments 1,00,000
Furniture and Fixture 26,000
Bad Debts  2,000
Bad Debts Provision  4,600
Loan 35,000
Legal Expenses 200
Audit Fee 1,800
Cash in Hand 13,500
Cash at Bank 23,000
  8,91,200 8,91,200
     

Prepare final accounts for the year ended December 31, 2017, with the following adjustments:

(a)  Stock on December 31, 2017, was ₹ 42,500.

(b)  A provision is to be made for bad debts at 5% on debtors

(c)  Rent outstanding was ₹ 1,600.

(d) Wages outstanding were ₹ 1,200.

(e)  Interest on capital to be allowed on capital @ 4% per annum and interest on drawings to be charged @ 6% per annum.

(f)  Dinaker and Ravinder are entitled to a Salary of ₹ 2,000 per annum

(g)  Ravinder is entitled to a commission of ₹ 1,500.

(h)  Depreciation is to be charged on Building @ 4%, Plant and Machinery at 6%, and furniture and fixture at 5%.

(i)   Outstanding interest on loan amounted to ₹ 350.

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Worked solution

The solution to this question is as follows:

Financial Statement as on December 31, 2017

Trading Account
Dr. Cr.
Particulars Amount

₹

 Particulars Amount

₹
Opening Stock 35,100 Sales 3,75,800
Purchases 2,85,000 Less: Sales Return (3,000) 3,72,800
Less: Purchases Return (2,200) 2,82,800
Closing Stock 42,500
Carriage Inwards 2,200
Wages 12,500
Add: Outstanding 1,200 13,700
Gross Profit 81,500
4,15,300 4,15,300
Profit and Loss Account
Dr. Cr.
Particulars Amount

₹

 Particulars Amount

₹
Stationery 1,200 Gross Profit 81,500
Discount Allowed 900 Discount Received 400
Salaries 12,000 Commission 3,200
Rent & Taxes 18,000
Add: Outstanding 1,600 19,600
Insurance Premium 2,400
Postage 300
Sundry Expenses 1,100
Depreciation on
Building 4,800
Plant and Machinery 4,800
Fixtures and Fittings 1,300
Provision for Bad Debts 4750
Add: Bad Debt 2,000
6,750
Less: (Old) Provision for Bad Debt (4,600) 2,150
Legal Expenses 200
Audit Fee 1,800
Outstanding Interest on Loan 350
Profit and Loss Appropriation 32,200
85,100 85,100
Profit and Loss Appropriation Account
Dr. Cr.
Particulars Amount

₹

 Particulars Amount

₹
Interest on Capital Net Profit 32,200
Dinaker 9,400 Interest on Drawings
Ravinder 6,520 15,920 Dinaker 180
Ravinder 150 330
Partner’s Salaries
Dinaker 2,000
Ravinder 2,000 4,000
Commission (Ravinder) 1,500
Profit Transferred to
Dinker’s Capital 7,407
Ravinder’s Capital 3,703 11,110
32,530 32,530
Partners’ Capital Account
Dr. Cr.
Particulars Dinaker Ravinder Particulars Dinaker Ravinder
Drawings 6,000 5,000 Balance b/d 2,35,000 1,63,000
Interest on Drawings 180 150 Interest on Capital 9,400 6,520
Balance c/d 2,47,627 1,71,573 Partner’s Salaries 2,000 2,000
Profit & Loss Appropriation 7,407 3,703
Commission 1,500
2,53,807 1,75,223 2,53,807 1,75,223
Balance Sheet
Liabilities Amount 

₹

 Assets Amount 

₹
Bills Payable 32,000 Bills Receivables 45,000
Creditors 40,000 Debtors 95,000
Loan 35,000 Less: 5% Provision for Bad Debts (4,750) 90,250
Add: Outstanding Interest 350 35,350
Building 1,20,000
Rent Outstanding 1,600 Less: 4% Depreciation (4,800) 1,15,200
Wages outstanding 1,200
Capital: Plant and Machinery 80,000
Dinaker 2,47,627 Less: 6% Depreciation (4,800) 75,200
Ravinder 1,71,573 4,19,200
Investments 1,00,000
Furniture and Fixtures 26,000
Less: 5% Depreciation (1,300) 24,700
Cash in Hand 13,500
Cash at Bank 23,000
Closing Stock 42,500
5,29,350 5,29,350
Q40Written answer

Kajol and Sunny were partners sharing profits and losses in the ratio of 3:2. The following Balances were extracted from the books of account for the year ended March 31, 2015.

Account Name Debit Amount ₹ Credit Amount ₹
Capital
Kajol 1,15,000
Sunny 91,000
Current Accounts [on 1-04-2005*]
Kajol 4,500
Sunny 3,200
Drawings
Kajol 6,000
Sunny 3,000
Opening Stock 22,700
Purchases and Sales 1,65,000 2,35,800
Freight Inward 1,200
Returns  2,000 3,200
Printing and Stationery  900
Wages  5,500
Bills Receivables and Bills payables 25,000 21,000
Discount  400  800
Salaries 6,000
Rent 7,200
Insurance Premium 2,000
Travelling Expenses 700
Sundry Expenses  1,100
Commission 1,600
Debtors and Creditors 74,000 78,000
Building 85,000
Plant and Machinery 70,000
Motor Car 60,000
Furniture and Fixtures 15,000
Bad Debts 1,500
Provision for Doubtful Debts 2,200
Loan 25,000
Legal Expenses 300
Audit Fee 900
Cash in Hand 7,500
Cash at Bank  12,000
  5,78,100 5,78,100
 

Prepare final accounts for the year ended March 31, 2015, with the following adjustments:

(a)   Stock on March 31, 2015, was ₹37,500.

(b)   Bad debts ₹3, 000; Provision for bad debts is to be made at 5% on debtors

(c)   Rent Prepaid were ₹1,200.

(d)   Wages outstanding were ₹ 2,200.

(e)   Interest on capital to be allowed on capital at 6% per annum and interest on drawings to be charged @ 5% per annum.

(f)    Kajol is entitled to a Salary of ₹ 1,500 per annum.

(g)   Prepaid insurance was ₹ 500.

(h)   Depreciation was charged on Building, @ 4%; Plant and Machinery, @ 5%; Motor car, @ 10% and Furniture and Fixture, @ 5%.

(i)    Goods worth ₹ 7,000 were destroyed by fire on January 20, 2015. The Insurance company agreed to pay ₹ 5,000 in full settlement of the claim.*As per the question, this year should be 01-04-2014

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Worked solution

The solution to this question is as follows:

Financial Statement as on March 31, 2015

Trading Account
Dr.         Cr.
Particulars Amount

₹

 Particulars Amount

₹
Opening Stock 22,700 Sales 2,35,800
Purchases 1,65,000 Less: Sales Return (2,000) 2,33,800
Less: Purchases Return (3,200)
Less: Goods Lost by Fire (7,000) 1,54,800 Closing Stock 37,500
Freight Inward 1,200
Wages 5,500
Add: Outstanding 2,200 7,700
Gross Profit 84,900
2,71,300 2,71,300

 

Profit and Loss Account
Dr.         Cr.
Particulars Amount

₹

 Particulars Amount

₹
Printing and Stationery 900 Gross Profit 84,900
Discount Allowed 400 Discount Received 800
Salaries 6,000 Commission 1,600
Rent 7,200 Insurance Co. (Claim) 5,000
Less: Prepaid (1,200) 6,000
Insurance Premium 2,000
Less: Prepaid (500) 1,500
Travelling Expenses 700
Sundry Expenses 1,100
Bad Debt 1,500
Add: Further Bad Debt 3,000
Add: Provision for Bad Debts 3,550
8,050
Less: Provision for Bad Debt (Old) (2,200) 5,850
Legal Expenses 300
Audit Fee 900
Goods Lost by Fire 7,000
Depreciation on
Building 3,400
Plant and Machinery 3,500
Motor Car 6,000
Furniture and Fixture 750
Net Profit 48,000
92,300 92,300

 

Profit and Loss Appropriation Account
Dr.         Cr.
Particulars Amount

₹

 Particulars Amount

₹
Interest on Capital Net profit 48,000
Kajol 6,900
Sunny 5,460 12,360 Interest on Drawings
Kajol 300
Partner’s Salaries Sunny 150 450
Kajol 1,500
Profit & Loss – Gross Profit
Kajol’s Current 20,754
Sunny’s Current 13,836 34,590
48,450 48,450

 

Partners’ Capital Account
Dr.         Cr.
Particulars Kajol Sunny Particulars Kajol Sunny
Balance b/d 1,15,000 91,000
Balance c/d 1,15,000 91,000
1,15,000 91,000 1,15,000 90,000

 

Partners’ Current Account
Dr.         Cr.
Particulars Kajol Sunny Particulars Kajol Sunny
Balance b/d 3,200 Balance b/d 4,500
Drawings 6,000 3,000 Interest on Capital 6,900 5,460
Interest on Drawings 300 150 Partner’s Salaries 1,500
Balance c/d 27,354 12,946 Profit and Loss Appropriation 20,754 13,836
33,654 19,296 33,654 19,296

 

Balance Sheet as on March 31, 2015

 
Liabilities Amount

₹

 Assets Amount

₹
Bills Payable 21,000 Bills Receivable 25,000
Creditors 78,000 Debtors 74,000
Loan 25,000 Less: Further Bad debt (3,000)
Wages Outstanding 2,200 71,000
Capital: Less: 5% Provision for Bad Debt (3,550) 67,450
Kajol 1,15,000
Sunny 91,000 2,06,000 Building 85,000
Less: 5% Depreciation (3,400) 81,600
Current:
Kajol 27,354 Plant and Machinery 70,000
Sunn 12,946 40,300  Less: 5% Depreciation (3,500) 66,500
Motor Car 60,000
Less: 10% Depreciation (6,000) 54,000
Furniture & Fixture 15,000
Less: 5% Depreciation (750) 14,250
Cash in Hand 7,500
Cash at Bank 12,000
Closing Stock 37,500
Prepaid Rent 1,200
Prepaid Insurance 500
Insurance Co. (Claim) 5,000
3,72,500 3,72,500

Concepts Covered in Class 12 Accountancy Chapter 2

  • Nature of Partnership
  • Partnership Deed
  • Special Aspects of Partnership Accounts
  • Maintenance of Capital Accounts of Partners
  • Past Adjustments
  • Final Accounts
Conclusion