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

Question 22 Chapter 2 of +2- Part-

Question 22 Chapter 2 of +2-Part-1

22. (Interest on Capital) The following is the information available from the books of a firm:

  M N
Capital on 1-4-2017 80,000 1,00,000
Additional Capital on 1-7-2017 20,000 …..
Loan to firm ….. 10,000
Drawings  10,000 5,000
Interest on Capital 12% p.a. 12% p.a.

Find out interest on capital up to 31-3-2018

 

The solution of Question 22 Chapter 2 of +2 Part-1

: – 

 
  Particulars
Amount Amount
   Interest on M’s Capital:      
  On 80,000 @12% for 1 year (80,000*12/100)   9,600  
  On 20,000 @12% for 9 Months(20,000*12/100*9/12)   1,800 11,400
   Interest on B’s Capital:    
  On 1,00,000 @ 10% for 1 year (1,00,000*12/100)   12,000

 

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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 22 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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