Question 19 Chapter 2 – Unimax Class 12 Part 1
Table of Contents
19. Form the following Balance Sheet of A and B as on 31st March, 2021. Calculate interest on capital @ 5% per annum payable to B for the year ended 31st March, 2021.
| Liabilities | Amount | Assets | Amount |
| A’s Capital | 10000 | Sundry Assets | 24000 |
| B’s Capital | 8000 | ||
| Profit and Loss Appropriation A/c (2020-21) | 6000 | ||
| 24000 | 24000 |
During the year B’s drawings were Rs. 2000. Profit during year ended 31st March, 2021 was Rs. 7000.
The solution of Question 19 Chapter 2 – Unimax Class 12 Part 1:
Calculation of Interest on B’s capital for the year ended 31st March, 2006
| B’s capital as on 31.3.2006 | Rs. |
| Add : Drawings during 2005-2006 | 8000 |
| Less : Profit already credited during 2005-2006 | 2000 |
| (1/2 of (7000-6000)) | 10000 |
| Capital as on 1st April, 2005 | 500 |
| Interest on capital = Rs. 9500 x 5% = Rs. 475 | 9500 |
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)
- Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
- Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
- Chapter No. 3 – Goodwill: Nature and Valuation
- Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
- Chapter No. 5 – Admission of a Partner
- Chapter No. 6 – Retirement/Death of a Partner
- Chapter No. 7 – Dissolution of a Partnership Firm
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
- Chapter No. 8 – Company Accounts – Accounting for Share Capital
- Chapter No. 9 – Company Accounts – Issue of Debentures
- Chapter No. 10 – Redemption of Debentures
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis – Comparative Statements and Common- Size Statements
- Chapter No. 4 – Accounting Ratios
- Chapter No. 5 – Cash Flow Statement
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