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

Question 08 Chapter 2 of +2- Part-

Question 08 Chapter 2 of +2-Part-1

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*6/100 = Rs.1800
Surjit (for 6 months) = 50,000*6/100*6/12 = Rs.1500

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

  • Chapter No. 1 – Accounting Not for Profit Organisations
  • Chapter No. 2 – Partnership Accounts – I
  • Chapter No. 3 – Partnership Accounts – II (Introduction)
  • Chapter No. 4 – Partnership Accounts – III (Goodwill: Nature and Valuation)
  • Chapter No. 5 – Partnership Accounts – IV (Reconstitution of Partnership)
  • Chapter No. 6 – Partnership Accounts – V (Admission of A Partner)
  • Chapter No. 7 – Partnership Accounts – VI (Retirement and Death of A Partner)
  • Chapter No. 8 – Company Accounts (Share Capital)
  • Chapter No. 9 – Company Accounts (Issue of Debentures)
  • Chapter No. 10 – Company Accounts (Redemption of Debentures)

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

  • Chapter No. 1 – Financial Statements of a Company (Balance Sheet Only)
  • Chapter No. 2 – Techniques of Financial Statement Analysis
  • Chapter No. 3 – Ratio Analysis 
  • Chapter No. 4 – Cash Flow Statement

 

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

2 Book 1 min - Question 08 Chapter 2 of +2 Part-1 - USHA Publication  12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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