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

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

 

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Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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