Question 21 Chapter 2 of +2 Part-1 - USHA Publication 12 Class Part

Question 21 Chapter 2 of +2-Part-1

21. (Interest on Capital/Journal Entry) X and Y are in partnership with the ratio of 3:2. They are allowed interest on capital @12% p.a. on the opening capital and 10% p.a. on the additional capital contributed during the year. The opening capitals of X and Y on 1st April 2014 were Rs.30,000 and Rs.20,000 respectively. X, on 1st Aug 2014 made an addition of Rs.9,000 to his capital, while Y contributed Rs.27,000 on 1st October 2014 to his capital. Find out interest on capital for the year ending 31st March 2015 and pass journal entry relating thereto.

The solution of Question 21 Chapter 2 of +2 Part-1: –

Day 35 | Question No.18 19 20 21 22 23 24 25 26 27 28 | Partnership - I Accounts Class 12 | PSEB |

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Date	Particulars	X	Y
	Interest on opening Capital @12% for one year	3,600	2,400
	Additional Capital on 1st August 2014 by X:
	On 9,000 @10% for 8 months	600	–
	Additional Capital on 1st October 2014 by Y:
	On 27,000 @10% for 6 months	–	1,350
		4,200	3,750

Journal
Date	Particulars		L.F.	Debit	Credit

	Interest on Capital A/c	Dr.		7,950
	To X’s Capital A/c				4,200
	To Y’s Capital A/c				3,750
	(Being interest on Capital allowed)

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Question 11 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 13 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 21 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 22 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 23 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 25 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 27 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 28 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 29 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 30 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 31 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 32 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 33 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 34 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 35 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 36 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 38 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 39 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 40 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 41 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 42 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 43 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 44 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 45 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 46 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 47 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 48 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 49 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 51 Chapter 2 – USHA Publication 12 Class Part – 1

Question 52 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 53 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 54 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 56 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 57 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 58 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 59 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 60 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 61 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 62 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Chapter-Wise Solution of Usha Publication Accountancy – Part 1 Class 12 – Session 2024-25 as per the PSEB curriculum

Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 1 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.

~~Chapter No. 1 – Accounting Not-for-Profit Organisations~~ (Deleted from the Syllabus)

Chapter No. 2 – Partnership Accounts – I (Introduction)

Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)

Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)

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Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)

Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)

Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)

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Simran says:
May 2, 2023 at 6:53 pm
Sir plsss tell me v iss ch aapa 12 % interest full year da kyo lgaya h ……months kyu ni calculate kite…..plss plss tell me🥺🥺🥺
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- Amanpreet Kaur says:
  May 3, 2023 at 11:12 am
  Because opening capital to hamare pass full-year hi rahi hai na.
  August mein to X ne Additional capital lagai hai. so from 1/aug/2014 to 31/03/2015 interest pay kerna hai.
  ager withdrawal ki ho capital tab hum interest calculate karengye hum up to the date of withdrawal.
  okay
  Loading...
Simran says:
May 2, 2023 at 6:50 pm
Sir……iss question m humne 12% interest full year ka kyu lgaya h??? April se August tkk 4 months tkk kyuu ni lgaya🥺🥺 plss plss tell me it’s a request….. tomorrow is my exam plsss tell me sir.
Loading...
- Amanpreet Kaur says:
  May 3, 2023 at 11:11 am
  Because opening capital to hamare pass full-year hi rahi hai na.
  August mein to X ne Additional capital lagai hai. so from 1/aug/2014 to 31/03/2015 interest pay kerna hai.
  ager withdrawal ki ho capital tab hum interest calculate karengye hum up to the date of withdrawal.
  okay
  Loading...

The solution of Question 21 Chapter 2 of +2 Part-1: –

Check Out the Solution of all questions of this chapter:

Download a PDF of Chapter No. 2 – Partnership Accounts – I (Introduction):

Chapter-Wise Solution of Usha Publication Accountancy – Part 1 Class 12 – Session 2024-25 as per the PSEB curriculum

Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 1 Class 12 by Unimax Publication

Check out Part 2 of both books.

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