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Question 08 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 08 Chapter 2 of +2- Part-
Q-8 - CH-2 - Usha +2 Book 2018 - Solution

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Question 08 Chapter 2 of +2-Part-1

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8. (Interest on Loan) Ranjit and Surjit share profits in 2:1 ratio. Ranjit gave Loan Rs.30,000 to the firm on 1st April 2018 and Surjit gave loan Rs.50,000 on 1st October 2018. Find out the interest on the loan for the year ended 31st March 2019, assuming there is no agreement.

The solution of Question 08 Chapter 2 of +2 Part-1: – 

Interest on Loan:

Ranjit (for one year) = 30,000 x 6/100 = Rs.1,800
Surjit (for 6 months) = 50,000 x 6/100 x 6/12 = Rs.1,500

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Note: No interest on capital is to be allowed as there is no partnership deed.

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Also, Check out the solved question of previous Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

 

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

+2 Book 1-min
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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