{"id":10955,"date":"2019-12-10T17:55:57","date_gmt":"2019-12-10T12:25:57","guid":{"rendered":"https:\/\/kseebsolutions.guru\/?p=10955"},"modified":"2021-07-02T15:42:43","modified_gmt":"2021-07-02T10:12:43","slug":"2nd-puc-accountancy-question-bank-chapter-2-part-1","status":"publish","type":"post","link":"https:\/\/kseebsolutions.guru\/2nd-puc-accountancy-question-bank-chapter-2-part-1\/","title":{"rendered":"2nd PUC Accountancy Question Bank Chapter 2 Accounting for Not for Profit Organisation"},"content":{"rendered":"

You can Download Chapter 2 Accounting for Not for Profit Organisation Questions and Answers, Notes, 2nd PUC Accountancy Question Bank with Answers<\/a> Karnataka State Board Solutions help you to revise complete Syllabus and score more marks in your examinations.<\/p>\n

Karnataka 2nd PUC Accountancy Question Bank Chapter 2 Accounting for Not for Profit Organisation<\/h2>\n
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2nd PUC Accountancy Accounting for Not for Profit Organisation NCERT Textbook Questions and Answers<\/h3>\n

2nd PUC Accountancy Accounting for Not for Profit Organisation Short Answer Type Questions and Answers<\/strong><\/p>\n

Question 1.
\nDefine Partnership Deed.
\nAnswer:
\nWhen the partnership agreement is written and signed By all the partners and is duly stamped according to the Stamp Act, it is called \u201cPartnership Deed\u201d.<\/p>\n

Question 2.
\nExplain in 50 words as to why it is considered desirable to make the partnership
\nagreement in writing.
\nAnswer:
\nPartnership comes into existence as a result of agreement among the partners. The agreement can be either oral or written. The Partnership Act does not require that the agreement must be in writing. But wherever it is in writing, the document,’ which contains terms of the agreement is called \u2018Partnership Deed\u2019. It generally contains the details about all the aspects affecting the relationship between the partners including the objective of business, contribution of capital by each partner, ratio in which the profits and the losses will be shared by the partners and entitlement of partners to interest on capital, interest on loan, etc.<\/p>\n

\"KSEEB<\/p>\n

Question 3.
\nList the items which may be debited or credited in capital accounts of the partners when:
\n(i) Capitals are fixed.
\n(ii) Capital are fluctuating.
\nAnswer:
\n(i) Capitals are fixed.
\n\"2nd
\n\"2nd
\n(ii) Capital are fluctuating.
\n\"2nd<\/p>\n

\"KSEEB<\/p>\n

Question 4.
\nWhy is Profit and Loss Adjustment Account prepared? Explain.
\nAnswer:
\nProfit and Loss Appropriation Account is merely an extension of the Profit and Loss Account of the firm. It shows how the profits are appropriated or distributed among the partners. All adjustments in respect of partner\u2019s salary, partner\u2019s commission, interest on capital, interest on drawings, etc. are made through this account. It starts with the net profit\/net loss as per Profit and Loss Account is transfered to this account. The journal entries for preparation of Profit and Loss Appropriation Account and making various adjustments through it are given as follows:<\/p>\n

Question 5.
\nGive two circumstances under which the fixed capitals of partners may change.
\nAnswer:
\nTwo circumstances under which the fixed capitals of partners change<\/p>\n

    \n
  1. When partner withdraw money from the business for personal use.<\/li>\n
  2. When partner when introduce additional capital to the business, interest credited, interest charged.<\/li>\n<\/ol>\n

    Question 6.
    \nIf a fixed amount is withdrawn on the first day of every quarter, for what period the interest on total amount withdrawn will be calculated?
    \nAnswer:
    \nIf the amount is withdrawn at the beginning of each quarter, the interest is calculated on the total money withdrawn during the year, for a period of seven and half months and if withdrawn at the and of each quarter it will be calculated for a period of 4\u2019A months.<\/p>\n

    Question 7.
    \nIn the absence of Partnership deed, specify the rules relating to the following :
    \n(i) Sharing of profits and losses.
    \n(ii) Interest on partner\u2019s capital,
    \n(iii) Interest on Partner\u2019s drawings.
    \n(iv) Interest on Partner\u2019s loan
    \n(v) Salary to a partner.
    \nAnswer:
    \n(i) Sharing of profits and losses – Equally
    \n(ii) Interest on partner\u2019s capital – interest not charged.
    \n(iii) Interest on Partner\u2019s drawings – interest not charged
    \n(iv) Interest on Partner\u2019s loan – 6% p.a
    \n(v) Salary to a partner – not provided<\/p>\n

    2nd PUC Accountancy Accounting for Not for Profit Organisation Long Questions and Answers<\/strong><\/p>\n

    Question 1.
    \nWhat is partnership? What are its chief characteristics? Explain.
    \nAnswer:
    \nAny association of two or more persons who carry on a business jointly with the intention of sharing Profit \/ Loss is called \u201cPartnership\u201d.<\/p>\n

      \n
    • Two or More Persons: In order to form partnership, there should be at least two persons coming together for a common goal.<\/li>\n
    • Agreement: Partnership is the result of an agreement between two or more persons to do business and share its profits and losses.<\/li>\n
    • Business: The agreement should be to carry on some business. Mere co-ownership of a property does not amount to partnership.<\/li>\n
    • Mutual Agency: The business of a partnership concern may be carried on by all the partners or any of them acting for all.<\/li>\n
    • Sharing of Profit: Another important element of partnership is that, the agreement between partners must be to share profits and losses of a business.<\/li>\n
    • Liability of Partnership: Each partner is liable jointly with all the other partners and also severally to the third party for all the acts of the firm done while he is a partner.<\/li>\n<\/ul>\n

      Question 2.
      \nDiscuss the main provisions of the Indian Partnership Act 1932 that are relevant to partnership accounts if there is no partnership deed.
      \nAnswer:
      \nThe important provisions affecting partnership accounts are as follows:
      \n(a) Profit Sharing Ratio: If the partnership deed is silent about the profit sharing ratio, the profits and losses of the firm are to be shared equally by partners, irrespective of their capital contribution in the firm.<\/p>\n

      (b) Interest on Capital: No partner is entitled to claim any interest on the amount of capital contributed by him in the firm as a matter of right. However, interest can be allowed when it is expressly agreed to by the partners. Thus, no interest on capital is payable if the partnership deed is silent on the issue. In case the deed provides for payment of interest on capital but does not specify the rate, the interest will be paid at the rate of 6 per cent per annum. Further the interest is payable only out of the profits of the business and not if the firm incurs losses during the period.<\/p>\n

      (c) Interest on Drawings: No interes. is to be charged on the drawings made by the partners, if there is no mention in the Deed.<\/p>\n

      (d) Interest on Advances: If any partner has advanced some money to the firm beyond the amount of his capital for the purpose of business, he shall be entitled to get an interest on the amount at the rate of 6 per cent per annum.<\/p>\n

      (e) Remuneration for Firm\u2019s Work: No partner is entitled to get salary or other remuneration for taking\u2019-part in the conduct of the business of the. firm unless there is a provision for the same in the Partnership.Deed.<\/p>\n

      Question 3.
      \nExplain why it is considered better to make a partnership agreement in writing.
      \nAnswer:
      \nNormally the partner is admitted for the needs of additional capital and managerial help. When a partner is admitted the financial structure also changes. Some times all old partners may decided to have their capital in proportion of new profit sharing ratio. If they decided as per new ratio, then capital should be adjusted. The partner may bring the cash or excess capital may be withdrawn. But this changes not effected to new partner based on new partner share the old partners capital adjusted.<\/p>\n

      Example : A and B are partners sharing equally their capital before admitting a new partner, stood at and 30,000 and 20,000.<\/p>\n

      They agreed to admit Mv-C for 1 \/3 share of future profit and has to bring \u20b9 25,000 as capital. The new profit sharing ratio is 1 : 1 : 1. The old partner decided to adjust the capital as per new profit sharing ratio.<\/p>\n

      In this case – the new partner brings capital of \u20b9 25,000 where as MvA\u2019s capital is 30,000 and Mv. B\u2019s capital is 20,000. Hence Mv. A has to withdraw \u20b9 5,000 from the business and Mr. B has to bring \u20b9 5000 to the business.<\/p>\n

      Question 4.
      \nIllustrate how interest on drawings will be calculated under various situations.
      \nAnswer:
      \nThe partnership agreement may also provide for charging of interest on money withdrawn out of the firm by the partners for their personal use. As stated earlier, no interest is charged on the drawings if there is no express agreement among the partners about it. However if the partnership deed so provides for it, the interest is charged at an agreed rate, for the period money remained outstanding from the partners during an accounting year. Charging interest on drawings discourages excessive amounts of drawings by the partners.
      \nThe calculation of interest on drawings under different situations are.<\/p>\n

      When Fixed Amounts is Withdrawn Every Month : Many a times a fixed amount of money is withdrawn by the partners, at equal time interval, Aashish withdrew \u20b9 10,000 per month from the firm for his personal use during the year ending March 31, 2006. The calculation of average period and the interest on drawings, in different situations would be as follows:<\/p>\n

      (a) When the amount is withdrawn at beginning end of each month
      \n\"2nd<\/p>\n

      (b) When the amount is withdrawn at the end of each month
      \n\"2nd<\/p>\n

      (c) When money is withdrawn in the middle of the month
      \nWhen money is withdrawn in the middle of the month, nothing is added or deduced from the total period.
      \n\"2nd<\/p>\n

      When Fixed Amount is withdrawn Quarterly.
      \nIf the amount is withdrawn at the beginning of each quarter, the interest is calculated on the total money withdrawn during the year, for a period of seven and half months and if withdrawn at the and of each quarter it will be calculated for a period of 4\\(\\frac { 1 }{ 2 }\\) months.<\/p>\n

      Alternatively, the interest can be calculated on the total amount withdrawn during the accounting year, for a period of 4 \\(\\frac { 1 }{ 2 }\\) months.<\/p>\n

      When Varying Amounts are Withdrawn at Different Intervals.
      \nWhen the partners withdraw different amounts of money at different time intervals, the interest is calculated using the product method.
      \nWhen Dates of Withdrawal are not specified.
      \nWhen the total amount withdrawn is given but the dates of withdrawals are not specified, it is assumed that the amount was withdrawn evenly throughout the year.<\/p>\n

      \"KSEEB<\/p>\n

      Question 5.
      \nHow will you deal with a change in profit sharing ratio among existing partners?
      \nTake imaginary figures to illustrate your answer?
      \nAnswer:
      \nThe profits and losses of the firm are distributed among the partners in an agreed ratio. However, if the partnership deed is silent, the firm\u2019s profits and losses are to be shared equally by all the partners.<\/p>\n

      You know that in the case of sole partnership the profit or loss, as ascertained by the profit and loss account is transferred to the capital account of the proprietor. In case of partnership, however, certain adjustments such as interest on drawings, interest on capital, salary to partners, and commission to partners are required to be made. For this purpose, it is customary to prepare a Profit and Loss Appropriation Account of the firm and ascertain the final figure of profit and loss to be distributed among the partners, in their profit sharing ratio.<\/p>\n

      2nd PUC Accountancy Accounting for Not for Profit Organisation Numerical Questions and Answrs<\/strong><\/p>\n

      Fixed and Fluctuating Capitals<\/p>\n

      Question 1.
      \nTriphati and Chauhan are partners in a firm sharing profits and losses in the ratio of 3:2. Their capitals were \u20b9 60,000 and \u20b9 40,000 as on January 01, 2005. During the year, they earned a profit of \u20b9 30,000. According to the partnership deed both the partners are entitled to \u20b9 1,000 per month as Salary and 5% interest on their capital. They are also to be charged an interest of 5% on their drawings, irrespective of the period, which is \u20b9 12,000 for Tripathi, L 8,000 for Chauhan. Prepare Partner\u2019s Accounts when capitals are fixed.
      \nSolution:
      \n(a) If interest on Capital and Partners\u2019 salaries and interest on drawings is charged against profit, the solution will beas :
      \n\"2nd
      \n\"2nd
      \n\"2nd
      \n(b) If interest on capital ad partners salaries and interest on drawings is distributed out of profit.<\/p>\n

      \"2nd<\/p>\n

      \"KSEEB<\/p>\n

      Question 2.
      \nAnubha and Kajal are partners of a firm sharing profits and losses in the ratio of 2:1. Their capital, were \u20b9 90,000 and \u20b9 60,000. The profit during the year were \u20b9 45,000. According to partnership deed, both partners are allowed salary, \u20b9 700 per month to Anubha and \u20b9 500 per month to Kajal. Interest allowed on capital @ 5%p.a. The 1 drawings at the end of the period were \u20b9 8,500 for Anubha and \u20b9 6,500 for Kajal. Interest is to be charged @ 5% p.a. on drawings. Prepare partners capital accounts, assuming that the capital account are fluctuating.
      \nSolution:
      \n(a)
      \n\"2nd<\/p>\n

      (b) Alternative
      \nNote : If partners\u2019 salaries, interest on capital and interest on drawing adjusted in Profit and Loss Appropriation Account.
      \n\"2nd\"2nd<\/p>\n

      Question 3.
      \nMarshall and Dhiman are in partnership since April 01, 2014. No Partnership agreement was made. They contributed \u20b9 4,00,000 and 1,00,000 respectively as capital. In addition, Harshad advanced an amount of \u20b9 1,00,000 to the firm, on October 01, 2014. Due to long illness, Harshad could not participate in business activities from August 1 to September 30, 2014. The profits for the year ended March 31, 2014 amounted to \u20b9 1,80,000. Dispute has arisen between Harshad and Dhiman.
      \nHarshad Claims:
      \n(i) he should be given interest @ 10% per annum on capital and loan;
      \n(ii) Profit should be distributed in proportion of capital;
      \nDhiman Claims:
      \n(i) Profits should be distributed equally;
      \n(ii) He should be allowed \u20b9 2,000 p.m. as remuneration for the period he managed the business, in the absence of Harshad;
      \n(iii) Interest on Capital and loan should be allowed @ 6% p.a.
      \nYou are required to settle the dispute between Harshad and, Dhiman. Also prepare Profit and Loss Appropriation Account.
      \n\"2nd
      \n\"2nd<\/p>\n

      \"KSEEB<\/p>\n

      Question 4.
      \nAakriti and Bindu entered into partnership for making garment on April 01, 2015 without any Partnership agreement. They introduced Capitals of \u20b9 5,00,000 and \u20b9 3,0, 000 respectively on October 01, 2015. Aakriti Advanced. \u20b9 20,000 by way of loan to the firm without any agreement as to interest. Profit and Loss account for the year ended March 2016 showed profit of \u20b9 43,000. Partners could not agree upon the question of interest and the basis of division of profit. You are required to divide the profits between them giving reason for your solution.
      \nSolution:
      \n\"2nd
      \nReasons:
      \n(a) Interest on partners loan shall be allowed at 6% p.a. because there is no partnership agreement.
      \n(b) Interest on capital shall not be allowed because there is no agreement on interest on capital. Profit shall be distributed equally because profit sharing ratio has not been given.<\/p>\n

      Question 5.
      \nRakhi and Shikha are partners in a firm, with capitals of \u20b9 2,00,000 and \u20b9 3,00,000 respectively. The profit of the firm, for the year ended 2014-15 is \u20b9 23,200. As per the Partnership agreement, they share the profit in their capital ratio, after allowing a salary of \u20b9 5,000 per month to Shikha and interest on Partner\u2019s capital at the rate of 10% p.a. During the year Rakhi withdrew \u20b9 7,000 and Shikha \u20b9 10,000 for their personal use. You are required to prepare Profit and Loss Appropriation Account and Partner\u2019s Capital Accounts.
      \nSolution:
      \nIf interest on capital and Partner\u2019s salaries will be provided even if firm involves in loss.<\/p>\n

      \"2nd<\/p>\n

      Question 6.
      \nLokesh and Azad are partners sharing profits in the ratio 3:2, with capitals of \u20b9 50,000 and 30,000, respectively. Interest on capital is agreed to be paid (a), 6% p.a. Azad is allowed a salary of \u20b9 2,500 p.a. During 2013, the profits prior to the calculation of interest on capital but after charging Azad\u2019s salary amounted to \u20b9 12,500. A provision of 5% of profits is to be made in respect of manager\u2019s commission. Prepare accounts showing the allocation of profits and partner\u2019s capital accounts.
      \nSolution:
      \n\"2nd
      \n\"2nd<\/p>\n

      \"KSEEB<\/p>\n

      Question 7.
      \nThe partnership agreement between Maneesh and Girish provides that:
      \n(i) Profits will be shared equally;
      \n(ii) Maneesh will be allowed a salary of \u20b9 400 p.m;
      \n(iii) Girish who manages the sales department will be allowed a commission equal to 10% of the net profits, after allowing Maneesh\u2019s salary;
      \n(iv) 7% interest will be allowed on partner\u2019s fixed capital;
      \n(v) 5% interest will be charged on partner\u2019s annual drawings;
      \n(vi) The fixed capitals of Maneesh and Girish are \u20b9 1,00,000 and \u20b9 80,000, respectively. Their annual drawings were \u20b9 16,000 and 14,000, respectively. The net profit for the year ending March 31, 2006 amounted to \u20b9 40,000;
      \nPrepare firm\u2019s Profit and Loss Appropriation Account.
      \nSolution:
      \n\"2nd<\/p>\n

      Question 8.
      \nRam, Raj and George are partners sharing profits in the ratio 5:3:2. According to the partnership agreement George is to get a minimum amount of \u20b9 10,000 as his share of profits every year. The net profit for the year 2013 amounted to \u20b9 40,000. Prepare the Profit and Loss Appropriation Account.
      \nSolution:<\/p>\n

      \"2nd<\/p>\n

      Question 9.
      \nAmann, Babita and Suresh are partners in a firm. Their profit sharing ratio is 2:2:1. Suresh is guaranteed a minimum amount of \u20b9 10,000 as share of profit, every year, Any deficiency on that account shall be met by Babita. The profits for two years ending December 31, 2015, and December 31, 2016, were \u20b9 40,000 and \u20b9 60,000, respectively. Prepare the Profit and Loss Appropriation Account for the two years.
      \nBabita\u2019s Capital \u20b9 14,000; Suresh\u2019s capital \u20b9 10,000 and for the year 2006, Profit transferred to Amann\u2019s Capital \u20b9 24,000, Suresh\u2019s capital, \u20b9 12,000)
      \nSolution:
      \n\"2nd<\/p>\n

      Question 10.
      \nSimmi and Sonu are partners in a firm, sharing profits and losses in tite ratio of 3:1.
      \nThe profit and loss account of tite firm for the year ending March 31, 2015 shows.a net profit of 1,50,000. Prepare the Profit and Loss Appropriation Account by taking into consideration the following information:
      \n(I) Partners capital on April 1, 2014; Sinimi, 30,000; Sonu, 60,000; 104 Accountancy Not-for-Profit Organisation and Partnership Accounts
      \n(ii) Current accounts babnces on April 1, 2014; Simmi, 30,000 (cr.); Sonu, 15,000
      \n(iii) Partners drawings during the year amounted to Simmi, 20,000; Sonu, 15,000;
      \n(iv) Interest on capital was allowed @ 5% p.a.
      \n(y) Interest on drawing was to be charged @ 6% p.a. at an average of six in months;
      \n(vi) Partners\u2019 salaries : Simini 12,000 and Sonu 9,000. Also show the partners\u2019 current accounts.
      \nSolution:
      \n\"2nd<\/p>\n

      \"KSEEB<\/p>\n

      Question 11.
      \nRamesh and Suresh were partners in a firm sharing profits in the ratio, of their capitals contributed on commencement of business which were \u20b9 80,000 and \u20b9 60,000 respectively. The firm started business on April 1, 2013. According to the partnership agreement, interest on capital and drawings are 12% and 10% p.a., respectively. Ramesh and Suresh are to get a monthly salary of \u20b9 2,000 and \u20b9 3,000, respectively. The profits for year ended March 31, 2015 before making above appropriations was \u20b9 1,0, 300. The draw ings of Ramesh and Suresh were \u20b9 40,000 and \u20b9 50,000, respectively. Interest on drawings amounted to \u20b9 2,000 for Ramesh and \u20b9 2,500 for Suresh. Prepare Profit and Loss Appropriation Account and* partners\u2019 capital accounts, assuming that their capitals are fluctuating.
      \nSolution:
      \n\"2nd
      \nCapital Ratio = Ramesh : Suresh
      \n= 80,000 : 60,000
      \n= 4 : 3<\/p>\n

      Question 12.
      \nSakesh and Vanita were partners in a firm. Their partnership agreement provides that:
      \n(i) Profits would be shared by Sukesh and Vanita in the ratio of 3:2;
      \n(ii) 5% interest is to be allowed on capital;
      \n(iii) Vanita should be paid a monthly salary of \u20b9 600.
      \nThe following balances are extracted from the books of the firm, on December 31,2014.
      \n\"2nd
      \nNet profit for the year, before charging interest on capital and after charging partner\u2019s . salary was \u20b9 9,500. Prepare the Profit and Loss Appropriation Account and the Partner\u2019s Current Accounts.
      \nCalculation of Interest on Capital and Interest on Drawings
      \nSolution:
      \n\"2nd<\/p>\n

      Question 13.
      \nRahul, Rohit and Karan started partnership business on April 1, 2014 with capitals of \u20b9 20,00,000, \u20b9 18,00,000 and ? 16,00,000, respectively.
      \nThe profit for the year ended March 2015 amounted to \u20b9 1,35,000 and the partner\u2019s drawings had been Rahul \u20b9 50,000, Rohit \u20b9 50,000 and Karan \u20b9 40,000. The profits are distributed among partner\u2019s in the ratio of 3:2:1. Calculate the interest on capital @ 5% p.a.
      \nSolution:
      \nInterest on Capital
      \nRahul = 20,00,000 \u00d7 5% =\u20b9 1,00,000
      \nRohit = 18,00,000 \u00d7 5% =\u00a0 \u20b9 90,000 .
      \nKaran = 18,00,000 \u00d7 5% = \u20b9 80,000<\/p>\n

      Question 14.
      \nSunflower and Pink Rose started partnership business on April 01, 2014 with capitals of \u20b9 2,50,000 and \u20b9 1,50,000, respectively. On October 01, 2014, they decided that their capitals should be \u20b9 2,00,000 each. The necessary adjustments in the capitals are made by introducing or withdrawing cash. Interest on capital is to be allowed @ 10% p.a. Calculate interest on capital as on March 31, 2015.
      \nSolution:
      \nProduct Method
      \n\"2nd
      \nInterest on Capital = Sum of Product \\(\\frac { Rate }{ 2 }\\) x \\(\\frac { 1 }{ 12 }\\)
      \nSunflower = 27,00,000 x \\(\\frac { 10 }{ 100 }\\) x \\(\\frac { 1 }{ 12 }\\) = 22,500
      \nPinkRose = 21,00,000 \\(\\frac { 10 }{ 100 }\\) x \\(\\frac { 1 }{ 12 }\\) = 17,500
      \nAlternative Method
      \n\"2nd<\/p>\n

      Question 15.
      \nOn March 31,2014 after the close of accounts, the capitals of Mountain, Hill and Rock stood in the books of the firm at \u20b9 4,00,000, \u20b9 3,00,000 and \u20b9 2,00,000, respectively. Subsequently, it was discovered that the interest on capital @ 10% p.a. had been omitted. The profit for the year amounted to \u20b9 1,50,000 and the partner\u2019s drawings had beenJVIountain: \u20b9 20,000, Hill \u20b9 15,000 and Rock k 10,000.
      \nCalculate interest on capital.
      \nSolution:
      \nGenerally interest on Capital is calculated on opening balance of capital. If additional capital is not given.
      \n\"2nd
      \nInterest on Capital
      \nMountain 3,70,000 x 10% = 37,000
      \nHill 2,65,000 x 10% = 26,500
      \nRock 1,60,000 x 10%= 16,000<\/p>\n

      Question 16.
      \nFollowing is the extract of the Balance Sheet of, Neelkant and Mahdev as on March 31, 2014:
      \n\"2nd
      \nDuring the year Mahadev\u2019s drawings were \u20b9 30,000. Profits during 2007 is \u20b9 10,00,000. Calculate interest on capital @ 5% p.a for the year ending March 31, 2014.
      \nSolution:
      \nInterest on Capital
      \nNeelkant\u2019s 10,00,000 x 5% = 50,000
      \nMahadev\u2019s 10,00,000 x 5% = 50,000
      \nNote : In this question, as the balance of both Partner\u2019s Capital Account and of Partner\u2019s current account are mentioned, so it has been assumed that the capital of the partners is fixed. As we, know, when the capital of the partners is fixed, drawings and interest on capital does not affect the capital balances of the partners. Rather, it would affect their current accunt balance.<\/p>\n

      Therefore, in this case, capital at the beginning (i.e. opening capital) and capital at the end (i.e. Closing capital) of the year would remain same. Thus,the interest on capital is calculated on fixed capital balances (given in the balance sheet of the question)<\/p>\n

      \"KSEEB<\/p>\n

      Question 17.
      \nRishi is a partner in a firm. He withdrew the following amounts during the year ended March 31, 2014.
      \nMay 01,2013 \u20b9 12,000
      \nJuly 31,2013 \u20b9 6,000
      \nSeptember 30, 2013 \u20b9 9,000
      \nNovember 30,2013 \u20b9 12,000
      \nJanuary 01, 2014 \u20b9 8,000
      \nMarch 31, 2014 \u20b9 7,000 Interest on drawings is charged @ 9% p.a.
      \nCalculate interest on drawings
      \nSolution:
      \nProduct Method
      \n\"2nd
      \nHere the formula will be
      \nInterest on Drawings = Product x \\(\\frac { Rate }{ 100 }\\) x \\(\\frac { 1 }{ 12 }\\)
      \n= 3,06,000 x 9% x \\(\\frac { 1 }{ 12 }\\) = 2,295.<\/p>\n

      Question 18.
      \nThe capital accounts of Moli and Golu showed balances of \u20b9 40,000 and \u20b9 20,000 as on April 01, 2014. They shared profits in the ratio of 3:2. They allowed interest on capital @ 10% p.a. and interest on drawings, @ 12 p.a. Golu advanced a loan of \u20b9 10,000 to the firm on August 01, 2014. During the year, Moli withdrew \u20b9 1,000 per month at the beginning of every month whereas Golu withdrew \u20b9 1,000 per month at the end of every month. Profit for the year, before the above mentioned adjustments was \u20b9 20,950. Calculate interest on drawings show distribution of profits and prepare partner\u2019s capital accounts.
      \nSolution:
      \nInterest on Moli\u2019s Drawing = Total Drawings x \\(\\frac { Rate }{ 100 }\\) x \\(\\frac{13}{2 \\times 12}\\)
      \n= 12,000 x 12% x \\(\\frac{13}{2 \\times 12}\\) = 780.<\/p>\n

      Interest on Golu\u2019s Drawing = Total Drawings x \\(\\frac { Rate }{ 100 }\\) x \\(\\frac{11}{2 \\times 12}\\)
      \n= 12,000 x 12% x \\(\\frac{11}{2 \\times 12}\\) = 600.<\/p>\n

      Question 19.
      \nRakesh and Roshan are partners, sharing profits in the ratio of 3:2 witn capitals of \u20b9 40,000 and \u20b9 30,000, respectively. They withdrew from the firm the following amounts, for their personal use:
      \n\"2nd
      \nInterest is to be charged @ 6% p.a. Calculate interest on drawings, assuming that book of accounts are closed on March 31, 2015, every year.
      \nSolution:
      \nCalculation of Interest on Drawings
      \n\"2nd
      \nInterest on Capital = Sum of Product \\(\\frac { Rate }{ 100 }\\) x \\(\\frac { 1 }{ 12 }\\)
      \n= 25,300 x \\(\\frac { 6 }{ 100 }\\) x \\(\\frac { 1 }{ 2 }\\) = 126.5
      \nInterest on Rohans Drawings.<\/p>\n

      Question 20.
      \nHimanshu withdrews \u20b9 2,500 at the end Month of each month\/ The Partnership deed provides for charging the interest on drawings @ 12% p.a. Calculate interest on Himanshu\u2019s drawings for the year ending 31st December, 2015.
      \nSolution:
      \nTotal Drawing of Himanshu = 2,500 x 12 = 30,000
      \n\"2nd<\/p>\n

      \"KSEEB<\/p>\n

      Question 21.
      \nBharam is a partner in a firm. He withdraws \u20b9 3,000 at the starting of each month for 12 months. The books of the firm closes on March 31 every year. Calculate interest on drawings if the rate of interest is 10% p.a.
      \nSolution:
      \nTotal Drawing of Bharam = 3,000 x 12 = 36,000
      \n\"2nd<\/p>\n

      Question 22.
      \nRaj and Neeraj are partners in a firm. Their capitals as on April 01, 2015 wereT2,50,000 and \u20b9 1,50,000, respectively. They share profits equally. On July 01, 2015, they decided that their capitals should be \u20b9 1,00,000 each. The necessary adjustment in the capitals were made by introducing or withdrawing cash by the partners\u2019. Interest on capital is allowed @ 8% p.a. Compute interest on capital for both the partners for the year ending on March 31, 2016.
      \nSolution:
      \nInterest on Capital
      \n\"2nd
      \nInterest = Sum of Product\u00a0 x \\(\\frac { Rate }{ 100 }\\) x \\(\\frac { 1 }{ 12 }\\)
      \n= 16,50,000 x \\(\\frac { 8 }{ 100 }\\) x \\(\\frac { 1 }{ 12 }\\) = 11,000
      \n\"2nd<\/p>\n

      Question 23.
      \nAmit and Bhola are partners in a firm. They share profits in the ratio of 3:2. As per their partnership agreement, interest on drawings is to be charged @ 10% p.a. Their drawings during 2013 were \u20b9 24,000 and \u20b9 16,000, respectively. Calculate interest on drawings based on the assumption that the amounts were withdrawn evenly, throughout the year.
      \nSolution:
      \n\"2nd<\/p>\n

      Question 24.
      \nHarish is a partner in a firm. He withdrew the following amounts during the year 2015:
      \nFebruary 01 \u20b9 4,000
      \nMay 01 \u20b9 10,000
      \nJune 30 \u20b9 4,000
      \nOctober 31 \u20b9 12,000
      \nDecember 31 \u20b9 4,000
      \nInterest on drawings is to be charged @ 712 % p.a.
      \nCalculate the amount of interest to be charged on Harish\u2019s drawings for the year ending December 31,2015.
      \nSolution:
      \nCalculation of interest on drawings – Harish
      \n\"2nd<\/p>\n

      Interest on Drawing = 1,72,000 x\u00a0 \\(\\frac { 75 }{ 100 }\\) x \\(\\frac { 1 }{ 12 }\\) = 1,075<\/p>\n

      Question 25.
      \nMenon and Thomas are partners in a firm. They-share profits equally. Their monthly drawings are \u20b9 2,000 each. Interest on drawings is to be charged @ 10% p.a. Calculate interest on Menon\u2019s drawings for the year 2006, assuming that money is withdrawn: (i) in the beginning of every month, (ii) in the middle of every month, and (iii) at the end of every month.
      \nSol. Case (i)
      \nIf they withdraw money in the beginning of each month
      \n\"2nd<\/p>\n

      Case (ii)
      \nIf they withdraw in the middle of every month
      \n\"2nd<\/p>\n

      Case (iii)
      \nIf they withdraw at the end of every month
      \n\"2nd<\/p>\n

      \"KSEEB<\/p>\n

      Question 26.
      \nOn March 31, 2015, after the close of books of accounts, the capital accounts of Ram, Shyam and Mohan showed balance of \u20b9 24,000 \u20b9 18,000 and \u20b9 12,000, respectively. It was later discovered that interest on capital @ 5% had been omitted. The profit for the year ended March 31,2015, amounted to \u20b9 36,000 and the partner\u2019s drawings had been Ram, \u20b9 3,600; Shyam, \u20b9 4,500 and Mohan, \u20b9 2,700. The profit sharing ratio of Ram, Shyam and Mohan was 3:2:1. Calculate interest on capital.
      \nSolution:
      \n\"2nd
      \n\"2nd<\/p>\n

      Guarantee of Profit to the Partners
      \nQuestion 27.
      \nAmit, Sumit and Samiksha are in partnership sharing profits in the ratio of 3:2:1. Samiksha\u2019 share in profit has been guaranteed by Amit and Sumit to be a minimum sum of \u20b9 8,000. Profits for the year ended March 31, 2015 was \u20b9-36,000. Divide profit among the partners.
      \nSolution:
      \n\"2nd<\/p>\n

      Question 28.
      \nPinki, Deepati and Kaku are partner\u2019s sharing profits in the ratio of 5:4:1. Kaku is given a guarantee that his share of profits in any given year would not be less than \u20b9 5,0. Deficiency, if any, would be borne by Pinki and Deepti equally. Profits for the year amounted to \u20b9 40,000. Record necessary journal entries in the books of the firm showing the distribution of profit.
      \nSolution:
      \n\"2nd<\/p>\n

      Question 29.
      \nAbhay, Siddharth and Kusum are partners in a firm, sharing profits in the ratio of 5:3:2. Kusum is guaranteed a minimum amount of \u20b9 10,000 as per share in the profits. Any deficiency arising on that account shall be met by Siddharth. Profits for the years ending March 31, 2015 and 2016 are \u20b9 40,000 and 60,000 respectively. Prepare Profit and Loss Appropriation Account.
      \nSolution:
      \n\"2nd<\/p>\n

      \"KSEEB<\/p>\n

      Question 30.
      \nRadha, Mary and Fatima are partners sharing profits in the ratio of 5:4:1. Fatima is given a guarantee that her share of profit, in any year will not be less than \u20b9 5,000. The profits for the year ending March 31,2015 amounts to \u20b9 35,000. Shortfall if any, in the profits guaranteed to Fatima is to be borne by Radha and Mary in the ratio of 3:2. Record necessary journal entry to show distribution of profit among partner.
      \nSolution:
      \n\"2nd<\/p>\n

      Question 31.
      \nX, Y and Z are in Partnership, sharing profits and losses in the ratio of 3:2:1, respectively. Z\u2019s share in the profit is guaranteed by X and Y to be,a minimum of \u20b9 8,000. The net profit for the year ended March 31, 2015 was \u20b9 30,000. Prepare Profit and Loss Appropriation Account, indicating the amount finally due to each partner.
      \nSolution:
      \n\"2nd<\/p>\n

      Question 32.
      \nArun, Bobv and Chintu are partners in a firm sharing profit in the ratio or 2:2:1. According to the terms of the partnership agreement, Chintu has to get a minimum of \u20b9 60,000, irrespective of the profits of the firm. Any Deficiency to Chintu on Account of such guarantee shall be borne by Arun. Prepare the profit and loss appropriation account showing distribution of profits among partners in case the profits for year 2015 are: (i) \u20b9 2,50,000; (ii) \u20b9 3,60,000.
      \nSolution:
      \nCase (i)
      \n\"2nd<\/p>\n

      Case (ii)
      \n\"2nd<\/p>\n

      Question 33.
      \nAshok, Brijesh and Cheena are partners sharing profits and losses in the ratio of 2 : 2 : 1. Ashok and Brijesh have guaranteed that Cheenashare in any year shall be less than \u20b9 20,000. The net profit for the year ended March 31, 2015 amounted to \u20b9 70,000. Prepare Profit and Loss Appropriation Account.
      \nSolution:
      \n\"2nd<\/p>\n

      \"KSEEB<\/p>\n

      Question 34.
      \nRam, Mohan and Sohan are partners with capitals of \u20b9 5,00,000, \u20b9 2,50,000 and 2,00,000 respectively. After providing interest on capital @ 10% p.a. the profits are divisible as follows:
      \nRam \\(\\frac { 1 }{ 2 }\\), Mohan \\(\\frac { 1 }{ 3 }\\) and Sohan \\(\\frac { 1 }{ 6 }\\). But Ram and Mohan have guaranteed that Sohan\u2019s share in the profit shall not be less than \u20b9 25,000, in any year. The net profit for the year ended March 31, 2015 is \u20b9 2,00,000, before charging interest on capital.
      \nYou are required to show distribution of profit.
      \nSolution:
      \n\"2nd<\/p>\n

      Question 35.
      \nAmit, Babita and Sona form a partnership firm, sharing profits in the ratio of 3 : 2 : 1, subject to the following :
      \n(i) Sona\u2019s share in the profits, guaranteed to be not less than \u20b9 15,000 in any year.
      \n(ii) Babita gives guarantee to the effect that gross fee earned by her for the firm shall be equal to her average gross fee of the proceeding five years, when she was carrying on profession alone (which is \u20b9 25,000). The net profit for the year ended March 31, 2015 is \u20b9 75,000. The gross fee earned by Babita for the firm was \u20b9 16,000, You are required to show Profit and Loss Appropriation Account (after giving effect to the alone).
      \nSolution:
      \n\"2nd<\/p>\n

      Question 36.
      \nThe net profit of X, Y and Z for the year ended March 31, 2015 was f 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 :
      \n(i) Interest on Capital @ 5% p.a.
      \n(ii) Interest on drawings amounting to X \u20b9 700, Y \u20b9 500 and Z \u20b9 300.
      \n(iii) Partner\u2019s Salary : X \u20b9 1000, Y \u20b9 1500 p.a. .
      \nThe capital accounts of partners were fixed as : X \u20b9 1,00,000, Y \u20b9 80,000 and Z \u20b9 60,000. Record the adjustment entry.
      \nSolution:
      \nPast Adjustment
      \n\"2nd
      \n\"2nd<\/p>\n

      Question 37.
      \nThe firm of Harry, Porter and Ali, who have been sharing profits in the ratio of 2 : 2 : 1, have existed for same years. Ali wants that he should get equal share in the profits with Harry and Porter and he further wishes that the change in 110 Accountancy – Not-for- Profit Organisation and Partnership Accounts the profit sharing ratio should come into t effect retrospectively were for the last three year. Harry and Porter have agreement on this account.
      \nThe profits for the last three years were:
      \n2013- 14 22,000
      \n2014- 15 24,000
      \n2015- 16 29,000
      \nShow adjustment of profits by means of a single adjustment journal entry.
      \nSolution:
      \nDistribution of Profit
      \n\"2nd
      \n\"2nd<\/p>\n

      \"KSEEB<\/p>\n

      Question 38.
      \nMannu and Shristhi 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, 2015.
      \nBalance Sheet as at March 31,2015.
      \n\"2nd
      \nProfit for the year ended March 31, 2015 was \u20b9 5,000 which was divided in the agreed \u2022 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.
      \nSolution:
      \n\"2nd<\/p>\n

      Question 39.
      \nOn March 31, 2015 the balance in the capital accounts of Eluin, .Monu and Ahmed, after making adjustments for profits, drawing, etc; were \u20b9 80,000, \u20b9 60,000 and \u20b9 40,000 respectively. Subsequently, it was discovered that interest on capital and interest on drawings had been omitted.
      \nThe partners were entitled to interest on capital @ 5% p.a. The drawings during the year were Eluin \u20b9 20,000; Monu, \u20b9 15,000 and Ahmed, \u20b9 9,000. Interest on drawings chargeable to partners were Eluin \u20b9 500, Monu \u20b9 360 and Ahmed \u20b9 200. The net profit during the year amounted to \u20b9 1,20,000.
      \nThe profit sharing ratio was 3:2:1. Pass necessary adjustment entries.
      \nSolution:
      \n\"2nd<\/p>\n

      Question 40.
      \nAzad and Benny are equal partners. Their capitals are \u20b9 40,000 and \u20b9 80,000, respectively. After the accounts for the year have been prepared it is discovered that interest at 5% p.a. as provided in the partnership agreement, has not been credited to the capital accounts before distribution of profits. It is decided to make an adjustment entry at the beginning of the next year. Record the necessary journal entry.
      \nSolution:
      \nInterest on Capital
      \nAzad =40,000 x 5% = 2,000
      \nBenny = 80,000 x 5% = 4,000
      \n\"2nd<\/p>\n

      \"KSEEB<\/p>\n

      Question 41.
      \nKavita 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 \u20b9 750 p.m. Chandan deposited \u20b9 20,000 on which interest is payable @ 9% p.a. At the end of 2001 (after the division of profit), it was decided that Chandan should be treated as partner w.e.f. Jan. 1., 1998 with 1\/6 th share in profits. His deposit being considered as capital carrying interest @ 6% p.a. like capital of other partners. Firm\u2019s profits after allowing interest on capital were as follows:
      \n\"2nd
      \nRecord the necessary journal entries to give effect to the above.
      \nSolution:
      \n\"2nd
      \nChandan received as Manager = Interest on Loan + Salary = 7,200 T 36,000 = 43,200
      \nTotal Profit of 4 years before interest on Chandan\u2019s Loan an d Salary = 2,38,200
      \nInterest on Chandan\u2019s Capital for 4 years = {20,000 x (6\/100) = 1,200}
      \n= 1,200 x 4 = 4,800
      \nProfit after interest on all partners Capital
      \n= Total Profit of four years before interest on Chandan\u2019s loan and Salary – Interest on Chandans capital for four years.
      \n= 2,38,200 – 4,800 = 2,33,400
      \nWrong Distribution – Distribution of 4 years
      \nProfit when Chandan as a Manager
      \n\"2nd
      \nRight distribution – Division of Profit when Chandan as Partner
      \n\"2nd
      \nKavita\u2019s share of profit (2,33,400 – 38,900) x (3\/5) = 1,16,700
      \nPradeep\u2019s share of Profit (2,33,400 – 38,900) x (2\/5) = 77,800
      \n\"2nd<\/p>\n

      Question 42.
      \nMohan, Vijay and Anil are partners, the balance on their capital accounts being \u20b9 30,000, ? 25,000 and \u20b9 20,000 respectively. In arriving at these figures, the profits for the year ended March 31, 2015 amounting to Rupees 24,000 had been credited to partners in the proportion in which they shared profits. During the tear their drawings for Mohan, Vijay and Anil were \u20b9 5,000, \u20b9 4,000 and \u20b9 3,000, respectively. Subsequently, the following omissions were noticed:
      \n(a) Interest on Capital, at the rate of 10% p.a., was not charged.
      \n(b) Interest on Drawings: Mohan \u20b9 250, Vijay \u20b9 200, Anil \u20b9 150 was not recorded in the books.
      \nRecord necessary corrections through journal entries.
      \nSolution:
      \nInterest on Capital Shall be calculated on opening-capital
      \n\"2nd
      \ninterest on capital
      \nMohan = 27,000 x 10% = 2,700 ,
      \nVijay = 21,000 x 10% = 2,100
      \nAnil = 15,000 x 10% =1,500
      \n\"2nd<\/p>\n

      Question 43.
      \nAnju, Manju and Mamta are partners whose fixed capitals were t 10,000, \u20b9 8,000 and \u20b9 6,000, respectively. As per the partnership agreement, there is a provision for allowing interest on capitals @ 5% p.a. but entries for the same have not been made for the last three years. The profit sharing ratio during there years remained as follows:
      \n\"2nd
      \nMake necessary and adjustment entry at the beginning of the fourth year i.e. Jan. 2015. Sol. Interest on Capital ‘
      \nAnuj = 10,000 x 5% = 500
      \nManju = 8,000 x 5 = 400
      \nMamta = 6,000 x 5% = 30
      \n\"2nd
      \n\"2nd<\/p>\n

      \"KSEEB<\/p>\n

      Question 44.
      \nDinker 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, 2015.
      \n\"2nd
      \n\"2nd
      \nPrepare final accounts for the year ended December 31,2005, with following adjustment:
      \n(a) Stock on December 31,2005, was \u20b9 42,500.
      \n(b) A Provision is to be made for bad debts at 5% on debtors.
      \n(c) Rent outstanding was \u20b9 1,600.
      \n(d) Wages outstanding were \u20b9 1,200.
      \n(e) Interest on capital to be allowed on capital @ 4% per annum and interest on drawings to be charged @ 6% per annum.
      \n(f) Dinker and Ravinder are entitled to a Salary of \u20b9 2,000 per annum
      \n(g) Ravinder is entitled to a commission\u20b9 1,500.
      \n(h) Depreciation is to be charged on Building @ 4%, Plant and Machinery, 6%, and furniture and fixture, 5%.
      \n(i) Outstanding interest on loan amounted to \u20b9 350.
      \nSolution:
      \n\"2nd
      \n\"2nd
      \n\"2nd
      \n\"2nd
      \n\"2nd<\/p>\n

      Question 45.
      \nKajol 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.
      \n\"2nd
      \n\"2nd
      \nPrepare final accounts for the year ended March 31,2015, with following adjustments:
      \n(a) Stock on March 31,2006 was \u20b9 37,500.
      \n(b) Bad debts \u20b9 3,000; Provision for bad debts is to be made at 5% on debtors.
      \n(c) Rent Prepaid were \u20b9 1,200.
      \n(d) Wages outstanding were \u20b9 2,200.
      \n(e) Interest on capital to be allowed on capital at 6% per annum and interest on drawings to be charged @ 5% per annum.
      \n(f) Kajol is entitled to a Salary of \u20b9 1,500 per annum.
      \n(g) Prepaid insurance was \u20b9 500.
      \n(h) Depreciation was charged on Building, @ 4%; Plant and Machinery, @ 5%; Motor car, @ 10% and furniture and fixture, @ 5%.
      \n(i) Goods worth \u20b9 7,000 were destroyed by fire on January 20,2015.The Insurance company agreed to pay \u20b9 5,000 in full settlement of the claim.
      \nSolution:
      \n\"2nd
      \n\"2nd
      \n\"2nd
      \n\"2nd
      \n\"2nd<\/p>\n

      Test your Understanding -I<\/strong><\/p>\n

      Question 1.
      \nMohan and Shyam are partners in a firm. State whether the claim is valid if the partnership agreement is silent in the following matters:
      \n(i) Mohan is an active partner. He wants a salary of \u20b9 10,000 per year;
      \n(ii) Shyam had advanced a loan to the firm. He claims interest @ 10% per annum;
      \n(iii) Mohan has contributed \u20b9 20,000 and Shyam \u20b9 50,000 as capital. Mohan wants equal share in profits.
      \n(iv) Shyam wants interest on capital to be credited @ 6% per annum.
      \nAnswer:
      \n(i) Not valid
      \n(ii) Not valid
      \n(iii) Not valid
      \n(iv) Not valid<\/p>\n

      Question 2.
      \nState whether the following statements are true or false:
      \n(i) Valid partnership can be formulated even without a written agreement between the partners.
      \n(ii) Each partner carrying on the business is the principal as well as the agent for all the other partners;
      \n(iii) Maximum number of partners in a banking firm can be 20;
      \n(iv) Methods of settlement of dispute among the partners can\u2019t be part of the partnership deed;
      \n(v) If the deed is silent, interest at the rate of 6% p.a. would be charged on the drawings made by the partner;
      \n(vi) Interest on partner\u2019s loan is .to be given @ 12% p.a. if the deed is silent about the rate. ‘
      \nAnswer:
      \n(i) No
      \n(ii) No
      \n(iii) No
      \n(iv) No
      \n(v) No
      \n(vi) No<\/p>\n

      \"KSEEB<\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

      You can Download Chapter 2 Accounting for Not for Profit Organisation Questions and Answers, Notes, 2nd PUC Accountancy Question Bank with Answers Karnataka State Board Solutions help you to revise complete Syllabus and score more marks in your examinations. Karnataka 2nd PUC Accountancy Question Bank Chapter 2 Accounting for Not for Profit Organisation 2nd PUC …<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[82],"tags":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/kseebsolutions.guru\/wp-json\/wp\/v2\/posts\/10955"}],"collection":[{"href":"https:\/\/kseebsolutions.guru\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kseebsolutions.guru\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kseebsolutions.guru\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/kseebsolutions.guru\/wp-json\/wp\/v2\/comments?post=10955"}],"version-history":[{"count":0,"href":"https:\/\/kseebsolutions.guru\/wp-json\/wp\/v2\/posts\/10955\/revisions"}],"wp:attachment":[{"href":"https:\/\/kseebsolutions.guru\/wp-json\/wp\/v2\/media?parent=10955"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kseebsolutions.guru\/wp-json\/wp\/v2\/categories?post=10955"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kseebsolutions.guru\/wp-json\/wp\/v2\/tags?post=10955"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}