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

Question 23 Chapter 2 of +2- Part-

Question 23 Chapter 2 of +2-Part-1

23. (Interest on Capital/Opening Capital Missing) Capital of A and B at the end of year 31.03.2017 were Rs.70,000 and Rs.1,00,000 respectively. Their drawings were Rs.30,000 and Rs.20,000 during the year. They had shared the profits Rs.50,000 in 1:4 ratio. Interest on capital @10% has been omitted. Find out the interest.

 

The solution of Question 23 Chapter 2 of +2 Part-1

: – 

 
  Particulars
A B
  Capital as on 31-3-2017   70,000 1,00,000
  Add:  Drawings during the year   30,000 20,000
  Less: Profit already distributed (1:4ratio)   (10,000) (40,000)
  Capital on 1-4-2016 90,000 80,000
  Interest on Capital @ 10% p.a. 9,000 8,000

 

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Also, Check out the solved question of previous Chapters: –

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

  • Chapter No. 1 – Accounting Not for Profit Organisations
  • Chapter No. 2 – Partnership Accounts – I
  • Chapter No. 3 – Partnership Accounts – II (Introduction)
  • Chapter No. 4 – Partnership Accounts – III (Goodwill: Nature and Valuation)
  • Chapter No. 5 – Partnership Accounts – IV (Reconstitution of Partnership)
  • Chapter No. 6 – Partnership Accounts – V (Admission of A Partner)
  • Chapter No. 7 – Partnership Accounts – VI (Retirement and Death of A Partner)
  • 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 (Balance Sheet Only)
  • Chapter No. 2 – Techniques of Financial Statement Analysis
  • Chapter No. 3 – Ratio Analysis 
  • Chapter No. 4 – Cash Flow Statement

 

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2 Book 1 min - Question 23 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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