DK Goel Class 12 Solutions: Free PDF Download of Accountancy Part I and II
DK Goel Class 12 Book PDF Free Download Volume 1
If you are a student of class 12 commerce stream and looking for a reliable and comprehensive book for accountancy subject, then you have come to the right place. In this article, we will tell you everything you need to know about DK Goel Class 12 Book PDF Free Download Volume 1. This book is one of the most popular and recommended books for accountancy students who want to ace their board exams and prepare for higher studies. It covers all the topics and concepts of accountancy in a simple and easy-to-understand manner. It also provides plenty of examples, exercises, and solutions to help you practice and master the subject.
dk goel class 12 book pdf free download volume 1
DK Goel Class 12 Book PDF Free Download Volume 1 is divided into four parts: Part A - Financial Statements of Not-for-Profit Organizations, Part B - Accounting for Partnership Firms, Part C - Company Accounts, and Part D - Computerized Accounting. Each part covers a different aspect of accountancy and provides detailed explanations, illustrations, diagrams, tables, charts, etc. to help you grasp the concepts. The book also follows the latest CBSE syllabus and guidelines for accountancy subject. Let us take a look at each part in detail.
Part A: Financial Statements of Not-for-Profit Organizations
Not-for-profit organizations are those entities that are not established for the purpose of earning profit. They are usually formed for social, religious, educational, charitable, or cultural purposes. Examples of not-for-profit organizations are schools, colleges, hospitals, clubs, societies, trusts, etc. These organizations do not have owners or shareholders. They receive their income from donations, grants, subscriptions, fees, etc. They spend their income on fulfilling their objectives and activities.
Financial statements of not-for-profit organizations are different from those of profit-oriented entities. They do not prepare profit and loss account or balance sheet. Instead, they prepare two main financial statements: Receipts and Payments Account and Income and Expenditure Account. Receipts and Payments Account is a summary of cash transactions during a period. It shows the sources and uses of cash by the organization. Income and Expenditure Account is a summary of revenue and expenses during a period. It shows the surplus or deficit of income over expenditure by the organization.
Some of the key concepts and terms related to this topic are:
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Capital Fund: It is the amount of money that belongs to the organization. It is equal to the excess of assets over liabilities.
Donations: They are voluntary contributions made by outsiders to support the objectives of the organization.
Grants: They are financial assistance given by government or other agencies to support the activities of the organization.
Subscriptions: They are regular payments made by members or associates of the organization to enjoy its benefits and services.
Fees: They are charges collected by the organization for providing specific services or facilities to the users.
Endowment Fund: It is a fund created by the organization from donations or grants that are meant to be invested and only the income from the investment is used for the objectives of the organization.
Legacy: It is a gift or bequest made by a deceased person to the organization through his or her will.
Life Membership Fee: It is a lump sum amount paid by a member to become a permanent member of the organization.
Accrued Income: It is an income that has been earned but not received by the organization during the period.
Outstanding Expenses: They are expenses that have been incurred but not paid by the organization during the period.
Part B: Accounting for Partnership Firms
Partnership firms are those entities that are formed by two or more persons who agree to share the profits and losses of a business carried on by them. They are governed by the Indian Partnership Act, 1932. Examples of partnership firms are law firms, accounting firms, medical clinics, etc. These firms have partners who contribute capital, skills, and efforts to the business. They also share risks, responsibilities, and decision-making powers.
Accounting for partnership firms involves recording and reporting various aspects of partnership business such as formation, change in profit sharing ratio, admission, retirement, death, dissolution, etc. These aspects affect the capital accounts, profit and loss accounts, balance sheets, and cash flow statements of the partnership firm. They also require adjustments for goodwill, revaluation of assets and liabilities, distribution of profits and losses, settlement of accounts, etc.
Some of the key concepts and terms related to this topic are:
Partnership Deed: It is a written agreement between the partners that specifies the terms and conditions of the partnership such as name, nature, duration, capital, profit sharing ratio, interest on capital and drawings, salary or commission to partners, etc.
Goodwill: It is an intangible asset that represents the reputation and earning capacity of the partnership firm. It arises due to factors such as location, quality, customer loyalty, brand name, etc. It can be calculated by various methods such as average profit method, super profit method, capitalization method, etc.
Revaluation Account: It is an account that records the increase or decrease in the value of assets and liabilities of the partnership firm due to change in partnership terms such as admission, retirement, death, dissolution, etc. It also shows the gain or loss on revaluation that is transferred to the old or new partners' capital accounts.
Reserve or Accumulated Profits: They are profits that have been retained in the business and not distributed to the partners. They are shown on the liabilities side of the balance sheet under partners' capital accounts.
Loan from a Partner: It is an amount borrowed by the partnership firm from one of its partners. It is shown on the liabilities side of the balance sheet under loans and advances. It carries interest at a specified rate.
Guarantee of Profits: It is an assurance given by one or more partners to another partner that he or she will receive a minimum amount of profit irrespective of the actual profit earned by the firm. The excess or deficiency of profit is adjusted in the capital accounts of the guarantor or guaranteeing partners.
Part C: Company Accounts
Company accounts are those accounts that are prepared by a company, which is a legal entity formed by a group of people who invest money or assets in a common business. A company is governed by the Companies Act, 2013. Examples of companies are Reliance Industries, Tata Motors, Infosys, etc. These companies have shareholders who own the shares of the company. They also have directors who manage the affairs of the company.
Accounting for company accounts involves recording and reporting various aspects of compan