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

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)