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

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.

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Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

• Chapter No. 1 – Accounting Not for Profit Organisations
• 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)
• 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)
• Chapter No. 8 – Company Accounts (Share Capital)
• Chapter No. 9 – Company Accounts (Issue of Debentures)
• Chapter No. 10 – Company Accounts (Redemption of Debentures)

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

• Chapter No. 1 – Financial Statements of a Company
• Chapter No. 2 – Financial Statement Analysis
• Chapter No. 3 –  Tools of Financial Statement Analysis- Comparative and Common Size
• Chapter No. 4 – Ratio Analysis
• Chapter No. 5 – Cash Flow Statement

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