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Question 23 Chapter 2 of Class 12 Part – 1 Usha Publication
23. (Interest on Capital/Opening Capital Missing) Capital of A and B at the end of year 31.03.2017 were Rs.70,000 and Rs.1,00,000 respectively. Their drawings were Rs.30,000 and Rs.20,000 during the year. They had shared the profits Rs.50,000 in 1:4 ratio. Interest on capital @10% has been omitted. Find out the interest.
We are providing a solution of Question 23 Chapter 2 of Class 12 Part - 1 Usha Publication in two formats. one is in Video format and another is in article format. Check out both formats as follows:
The video consists solution of questions numbers 18 to 28 Chapter No. 2 class 12 of Usha publication. To check the direct solution of question no. 23 from the following video by using time stamps of the video.
| Particulars |
A | B | ||
|---|---|---|---|---|
| Capital as on 31-3-2017 | 70,000 | 1,00,000 | ||
| Add: Drawings during the year | 30,000 | 20,000 | ||
| Less: Profit already distributed (1:4ratio) | (10,000) | (40,000) | ||
| Capital on 1-4-2016 | 90,000 | 80,000 | ||
| Interest on Capital @ 10% p.a. | 9,000 | 8,000 | ||
Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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