Question 10 Chapter 2 – Unimax Class 12 Part 1 – 2021

Question 10 Chapter 2 – Unimax Class 12 Part 1

10. A and B started business on 1st January, 2021 with capital of Rs. 60000 and Rs. 40000 respectively. A introduced Rs. 10000 as additional capital on 1st July, 2021. They withdrew Rs. 500 per month for household expenses in lieu of profits. Interest on capitals is to be allowed @ 10% per annum. Calculate the interest on capital payable to A and B for year ended 31st December, 2021.

The solution of Question 10 Chapter 2 – Unimax Class 12 Part 1: 

Calculation of Interest on capital

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T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

• Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
• Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
• Chapter No. 3 – Goodwill: Nature and Valuation
• Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
• Chapter No. 5 – Admission of a Partner
• Chapter No. 6 – Retirement/Death of a Partner
• Chapter No. 7 – Dissolution of a Partnership Firm

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

• Chapter No. 8 – Company Accounts –  Accounting for Share Capital
• Chapter No. 9 – Company Accounts – Issue of Debentures
• Chapter No. 10 – Redemption of Debentures

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

• Chapter No. 1 – Financial Statements of a Company
• Chapter No. 2 – Financial Statement Analysis 
• Chapter No. 3 – Tools of Financial Statement Analysis – Comparative Statements and Common- Size Statements
• Chapter No. 4 – Accounting Ratios
• Chapter No. 5 – Cash Flow Statement

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