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Question 18 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 18 Chapter 2 of +2- Part-
Q-18 - CH-2 - Usha +2 Book 2018 - Solution

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Question 18 Chapter 2 of +2-Part-1

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18. (Interest on Capital/Journal Entry) Mand N have a capital of Rs.1,00,000 and Rs.50,000 on 1st April 2017. Interest on capital is allowed @ 10% p.a. Find out the interest on capital for the year ended 31st March 2018 and pass journal entry for the interest on capital.

The solution of Question 18 Chapter 2 of +2 Part-1: – 

Journal
DateParticulars
L.F.DebitCredit
      
 Interest on Capital A/cDr. 15,000 
 To M’s Capital A/c (10/100 x 1,00,000)   10,000
 To N’s Capital A/c (10/100 x 50,000)   5,000
 (Being interest on Capital allowed)   
     

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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

 

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

+2 Book 1-min
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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