Question 17 Chapter 2 – Unimax Class 12 Part 1 – 2021

Question 17Chapter 2 - Unimax Class 12 Part 1 - 2021

Question 17 Chapter 2 – Unimax Class 12 Part 1

17. Ram withdrew Rs. 1500 at the end of each quarter during the year ended 31st March, 2021. Interest on drawings is charged @ 9% per annum. Find out interest on drawings. Also give Journal Entry.

The solution of Question 17 Chapter 2 – Unimax Class 12 Part 1: 

Date of Drawings Amount (Rs.) Withdrawn Months Product
30th June, 2005 1500 9 13500
30th Sept., 2005 1500 6 9000
31st Dec., 2005 1500 3 4500
31st March, 2006 1500 0 0
      27,000

Interest on Rs. 27,000 @ 9% p.a. for one month = 27000 x 9% x 1/12
                                                                              = Rs. 202.50

https://tutorstips.com/not-for-profit-organisations/

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

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

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

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

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