Question 11 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 11 Chapter 2 of +2- Part-

Question 11 Chapter 2 of +2-Part-1

11. (Interest on Loan) As per the information provided by Dara and Gala, partners in a firm in Jammu, they do not have an agreement on the sharing of profits. Dara and Gala have advanced loan Rs 90,000 in 2:1 ratio on 1st April 2018 @ 12% p.a. However, on 1st January 2019, Dara further gave Rs.50,000 to the firm as loan.
You are required to calculate interest on the loan for the year.

 

The solution of Question 11 Chapter 2 of +2 Part-1

: – 

Interest on Loan:

Dara Loan = Rs.90,000*2/3 = Rs.60,000

Interest on Loan (one year) = Rs.60,000*12/100 = 7,200
Interest on Loan Rs.50,000 for 3 months = Rs.50,000*12/100*3/12 = 1,500
Total Interest on Dara’s Loan = 8,700

Gala Loan = Rs.90,000*1/3 = Rs.30,000
Interest on Loan (one year) = Rs.30,000*12/100 = Rs.3,600


 

 

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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

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2 Book 1 min - Question 11 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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