Question 20 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 20 Chapter 2 of +2- Part-

Question 20 Chapter 2 of +2-Part-1

Free Accounting book Solution - Class 11 and Class 12

20. (Calculation of interest on Capital) A and B started business on 1-4-2018 with capitals of Rs.60,000 and Rs.40,000 respectively. During the year, A introduced Rs.10,000 to the firm as additional capital on 1-10-18. They withdrew Rs.500 p.m. for household expenses in lieu of profits . Interest on Capital is to be allowed @ 10% p.a.

Calculate the interest payable to A and B for the year ending 31-3-19.

The solution of Question 20 Chapter 2 of +2 Part-1: – 

 
Date  Particulars
Details Amount
         
   Interest on A’s Capital:      
  On 60,000 @10% for 1 year (60,000 x 10/100)   6,000  
  On 10,000 @10% for 1/2 year (10,000 x 10/100 x 6/12)   500 6,500
   Interest on B’s Capital:    
  On 40,000 @10% for 1 year (40,000*10/100)   4,000
       

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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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2 Book 1 min - Question 20 Chapter 2 of +2 Part-1 - USHA Publication  12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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