Question 12 Chapter 2 – Unimax Class 12 Part 1
12. A and B arc two partners sharing profits and losses in 3 : 2. Their Capitals as on 31st March, 2022 were 3,00,000 and 2,00,000. During the year their drawings were ₹ 50,000 and 40,000 respectively, Profit 75,000 was credited to them in their profit sharing ratio. B introduced additional capital of 60,000 as on 1st November, 2021. Interest on Capital @ 10% p.a. was omitted from record. Calculate interest on Capital.
The solution of Question 12 Chapter 2 – Unimax Class 12 Part 1:
Statement Showing opening capitals of A & B as on 1-4-2021
| A ₹ | B ₹ | |
| Capital as on 31st March, 2022 | 3,00,000 | 2,00,000 |
| Add: Drawings made during 2021-22 | 50,000 | 40,000 |
| 3,50,000 | 2,40,000 | |
| Less: Profits transferred for the year ended 31-3-2022 in the ratio of 3 : 2 | 45,000 | 30,000 |
| 3,05,000 | 2,10,000 | |
| Less Further capital introduced during 2021-22 | NIL | 60,000 |
| Capital as on 1-4-2021 | 3,05,000 | 1,50,000 |
| Interest on capitals | ||
| (₹ 3,05,000 x 10/100) | (₹ 1,50,000 x 10/100) | |
| (₹ 60,000 x 10/100 x 5/12) | ||
| ₹ 15,000 + ₹ 2,500 | ||
| ₹ 30,500 | ₹ 17,500 |
What is Partnership – Meaning and Its 4 Types
Unimax Advanced Accountancy – II Part – 1 (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
Unimax Advanced Accountancy – II Part – 2 (Financial Statements of Company)
- Chapter No. 1 – Company Accounts – Accounting for Share Capital
- Chapter No. 2 – Company Accounts – Issue of Debentures
- Chapter No. 3 – Redemption of Debentures
- Chapter No. 4 – Financial Statements of a Company
- Chapter No. 5 – Financial Statement Analysis
- Chapter No. 6 – Tools of Financial Statement Analysis – Comparative Statements and Common-Size Statements
- Chapter No. 7 – Accounting Ratios
- Chapter No. 8 – Cash Flow Statement