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Question 19 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 19 Chapter 2 of +2- Part-
Q-19 - CH-2 - Usha +2 Book 2018 - Solution

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Question 19 Chapter 2 of +2-Part-1

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19. (Interest on Capital/Journal Entry) C and D have capital of Rs.70,000 and Rs.90,000 on 1st April 2014. C made an addition of Rs.40,000 to his capital on 1st October 2014. Interest on capital is allowed @ 10% p.a. Pass journal entry for the interest on capital for the year ended 31st March 2015.

The solution of Question 19 Chapter 2 of +2 Part-1: – 

 
 Particulars
DetailsAmount
     
 C’s Capital:   
 On 70,000 @10% for 1 year 7,000 
 On 40,000 @10% for 1/2 year 2,0009,000
 D’s Capital:  
 On 90,000 @10% for 1 year 9,000
    

 

Journal
DateParticulars
L.F.DebitCredit
      
 Interest on Capital A/cDr. 18,000 
 To C’s Capital A/c   9,000
 To D’s Capital A/c   9,000
 (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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