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DK Goel Solutions Class 12 Accountancy Volume 1 Chapter 2

Commerce

DK Goel Solutions Class 12 Accountancy Volume 1 Chapter 2

Last updated date: 26th Apr 2024

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Class 12 DK Goel Solutions Volume 1 Chapter 2 - Change in Profit Sharing Ratio Among the Existing Partners

Class 12 Accountancy chapter 2 deals with the change in profit sharing ratio amid existing partners. This chapter essentially focuses on offering a conceptual understanding of the meaning of partnership and the reconstitution of firms. It also elucidates on factors that can affect the profit-sharing ration among its partners and the overall structure of a business. Download Dk Goel solutions class 12 chapter 2 pdfs for free here to prepare well for the examination.

DK Goel Solutions Class 12 Accountancy Volume 1 Chapter 2 PDF

In this regard, DK Goel’s solution class 12 Chapter 2 is extremely crucial for accountancy students as it clarifies the basic concepts about parameters that are essential for causing changes in profit-sharing ratio. It briefly elaborates on change in capital contribution or growth in the number of participating partners, the disparity in the aggregate amount of gain, all of which works collectively to bringing changes in agreements and reconstitution of a firm.

Why Should Students Opt for DK Goel Solution Class 12 Chapter 2?

DK Goel Solutions have always remained an important study resource for Commerce and Accountancy students studying under the CBSE board. It offers detailed solutions to numerical problems and elaborate illustrations about concepts that help students to comprehend complicated topics and theories conveniently. Furthermore, these solutions also provide adequate examples to enhance the learning experience of the students.

Importance of DK Goel Accountancy Class 12 Solutions PDF

DK Goel Accountancy solutions class 12 chapter 2 comes in easily downloadable PDF versions, available on Vedantu. These are extremely useful for quick references to important topics. Additionally, the solutions are curated by subject experts from the field of Commerce by strictly adhering to updated CBSE syllabus and question patterns. These PDF versions essentially remain as a handbook for a student and therefore can be conveniently accessed by them during final revision.

Few Examples of DK Goel Accountancy Class 12 Solutions

Listed below are a few examples of DK Goel Solutions Class 12 Chapter 2.

Question 1

The solution to question 1 follows a step by step method to fill up the Profit and loss Appropriation account of two partners Charu and Divya. The working notes provide a two-step method. Firstly it calculates the profit prior to charging any commission, and in the second step, it calculates the profit after charging of commission by both partners leading to an understanding of the net profit of both the partners in the business. The solution is extremely useful for students to get a clearer understanding of the calculations, the methods, and formulas that are crucial for solving these types of questions. (Table will be updated soon)

Pointers	INR	Pointers	INR
Charu’s Commission 10/100 × 4,40,4000	44,000	By Profit & Loss account	4,40,000
Divya’s Commission 10/100 × (4,40,4000 - 4000)	39,600
Amount of Profit transferred- 4,40,4000 - ( 44,000 + 39,600)	3,56,400
Capital Account of Charu- 0.5 × 35,66000 Capital Account of Divya- 0.5 × 35,66000	1,780,200 1,780,200

Question 2

The solution to question 2 of chapter 2 accounts class 12 DK Goel, essentially clarifies the formula that is required to calculate the goodwill of the firm. This solution follows a step by step method like:

It calculates the total profit of 3 years from 2013 - 2016.
Then proceeds to calculate the average profit by dividing the total profit by three.
Finally, it multiplies the average profit with the number of year’s purchase to calculate the goodwill.

Gross Profit of Previous Years	Amount in INR
2013-2014	40,000
2014-2015 after adding the abnormal loss of 3000	46,000+3,000=49,000
2015-2016	52,000

Average Profit = Total profit/ 3 = 1,41,000/3 = 47,000

Goodwill = Average profit × No. of year’s purchase = 47,000 × 2 = 94,000.

These solutions are extremely helpful for students who are preparing for board examinations. It not only offers a clear understanding of concepts but also helps the students to develop the mathematical calculation skills through detailed illustrations of the formulas and the method of its application in the sums.

It is important to note that CBSE marking scheme for Commerce final theory paper consists of 80 marks, and hence it is crucial to follow DK Goel’s solution class 12 Chapter 2 to grab the concepts in intense detail.

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FAQs on DK Goel Solutions Class 12 Accountancy Volume 1 Chapter 2

1. How Helpful is DK Goel Solutions Class 12 Chapter 2 Accountancy?

Ans. DK Goel Solutions to Accountancy chapter 12 is a must-have book for every commerce student appearing for the CBSE board examination. This book helps to clarify critical concepts of change in the profit-sharing ratio of firms and factors that affects it. The book provides detailed illustrations of important concepts and also offers step by step solution to numerical problems that helps students learn the applied formulas easily. Further, the easy language of the book and the provided solutions improves the learning experience of the students allowing them to understand the application of the commercial theories in practice.

2. From Which Website can I Download Reliable DK Goel Solutions?

Ans. DK Goel Solutions can be easily downloaded in PDF versions from Vedantu. These solutions can be downloaded without any additional charges from Vedantu. These PDF versions are extremely helpful for students. The use of easy language and properly-organized format of the PDF documents comes as immense help for students and enhances their learning process. Furthermore, these files are curated by expert teachers by strictly adhering to recent updates in the syllabus as well as marking patterns. Thus, opt for Vedantu and enjoy the best outcomes.

3. What are the Important Topics in Profit-Sharing Rates?

Ans. Some important topics in chapter 2 of Accountancy which are crucial for CBSE board examination are the meaning of partnership and reconstruction of firms, the concept of change in profit sharing ratio between existing partners, meaning and computation of the sacrificing and gaining ratio, treatment of reserves, and accumulated profit and losses, accounting treatment of goodwill, adjustment of accumulated profits, losses and reserves through accumulated partners accounts, the accounting treatment for a reassessment of assets and revaluation of liabilities, adjustment of capitals. The solutions chapter 2 Change in Profit Sharing Rates of DK Goel proves beneficial in understanding these topics, so it is imperative for students to follow it crucially.

4. What are the total chapters in DK Goel Solutions Class 12 Accountancy Volume 1 Chapter 2 - Change in Profit Sharing Ratio Among the Existing Partners?

Ans: In DK Goel Class 12 Accountancy book, there are 11 chapters in total. Each chapter has equal importance for the students for building a detailed knowledge of the accountancy subject. On Vedantu website, you can find solutions for all the chapters with a simple to understand language. In addition, the students who have any query can also get a resolution as Vedantu team is available round the clock to assist them. So, get the best know-how of the entire syllabus with Vedantu.

5. How to set a perfect routine for studying DK Goel Solutions Class 12 Accountancy Volume 1 Chapter 2 - Change in Profit Sharing Ratio Among the Existing Partners?

Like other chapters, this chapter named DK Goel Solutions Class 12 Accountancy Volume 1 Chapter 2 - Change in Profit Sharing Ratio Among the Existing Partners also demands a considerable time to devote for the students. Always remember, one day or one week of study is not going to make any difference, you will experience the change only if you work on it every single day. Keep following, learning and revising, and you will get the desired results. Follow this key to score well.