Loading Tutorstips...
✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Question 40 Chapter 2 of Class 12 Part - 1
40. Ram and Mohan, two partners, drew for private use Rs. 1,20,000 and Rs. 80,000 respectively,
Interest is chargeable @ 6% per annum on the drawings. What is the interest?
| Interest on Drawing | = | Total Drawing | X | Rate | X | Months |
| 100 | 12 |
| Ram | = | 1,20,000 | X | 6 | X | 6 |
| 100 | 12 |
= Rs.3,600
| Mohan | = | 80,000 | X | 6 | X | 6 |
| 100 | 12 |
= Rs. 2,400
Note: When the date of drawings is not given, interest on drawings is calculated on the total amount of drawings for an average period of 6 months.
Thanks, Please Like and share with your friends
Comment if you have any questions.
Also, Check out the solved question of all Chapters: -
Chapter No. 1 - Accounting Not for Profit Organisations
Chapter No. 2 - Partnership Accounts - I (Introduction)
Chapter No. 3 - Partnership Accounts - II (Goodwill: Nature and Valuation)
Chapter No. 4 - Partnership Accounts - III (Reconstitution of Partnership)
Chapter No. 5 - Partnership Accounts - IV (Admission of A Partner)
Chapter No. 6 - Partnership Accounts - V (Retirement and Death of A Partner)
Chapter No. 7 - Partnership Accounts - VI (Dissolution of Partnership Firm)
Chapter No. 8 - Company Accounts (Share Capital)
Chapter No. 9 - Company Accounts (Issue of Debentures)
Chapter No. 10 - Company Accounts (Redemption of Debentures)
Chapter No. 1 - Financial Statements of a Company
Chapter No. 2 - Financial Statement Analysis
Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
Chapter No. 4 - Ratio Analysis
Chapter No. 5 - Cash Flow Statement
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
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.
This guide covers "Question 40 Chapter 2 of Class 12 Part - 1 VK Publication", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to V K Accountancy Class 12-2021-22 - NPO and Partnership-Solution.
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
You can take our custom-built interactive practice quiz directly on this page to test your understanding of "Question 40 Chapter 2 of Class 12 Part - 1 VK Publication" instantly.
