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

Question 18 Chapter 2 of +2- Part-

Question 18 Chapter 2 of +2-Part-1

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
Date Particulars
L.F. Debit Credit
           
  Interest on Capital A/c Dr.   15,000  
  To M’s Capital A/c (10/100*1,00,000)       10,000
  To N’s Capital A/c (10/100*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

 

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Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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