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 x 2/3 = Rs.60,000
Interest on Loan (one year) = Rs.60,000 x 12/100 | = | 7,200 |
Interest on Loan Rs.50,000 for 3 months = Rs.50,000 x 12/100 x 3/12 | = | 1,500 |
Total Interest on Dara’s Loan | = | 8,700 |
Gala Loan = Rs.90,000 x 1/3 = Rs.30,000
Interest on Loan (one year) = Rs.30,000 x 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
- 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)
Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution
- 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

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