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Question 21 Chapter 2 of +2 Part-1 - USHA Publication 12 Class Part - 1

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Focus Topic:Question 21 Chapter 2 of +2 Part-1 - USHA Publication 12 Class Part - 1

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Question 21 Chapter 2 of +2-Part-1

21. (Interest on Capital/Journal Entry) X and Y are in partnership with the ratio of 3:2. They are allowed interest on capital @12% p.a. on the opening capital and 10% p.a. on the additional capital contributed during the year. The opening capitals of X and Y on 1st April 2014 were Rs.30,000 and Rs.20,000 respectively. X, on 1st Aug 2014 made an addition of Rs.9,000 to his capital, while Y contributed Rs.27,000 on 1st October 2014 to his capital. Find out interest on capital for the year ending 31st March 2015 and pass journal entry relating thereto.

The solution of Question 21 Chapter 2 of +2 Part-1: -

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Particulars	X	Y

Interest on opening Capital @12% for one year	3,600	2,400
Additional Capital on 1st August 2014 by X:
On 9,000 @10% for 8 months	600	-
Additional Capital on 1st October 2014 by Y:
On 27,000 @10% for 6 months	-	1,350
	4,200	3,750

Journal

Particulars		Debit	Credit

Interest on Capital A/c	Dr.	7,950
To X’s Capital A/c			4,200
To Y’s Capital A/c			3,750
(Being interest on Capital allowed)

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Question 21 Chapter 2 of +2 Part-1 - USHA Publication 12 Class Part - 1

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The solution of Question 21 Chapter 2 of +2 Part-1: -

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