# Question 26 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Q-26 - CH-2 - Usha +2 Book 2018 - Solution

Question 26 Chapter 2 of +2-Part-1

26. (Interest on Capital/Drawings & Profits given) From the following balance sheet of Rich and Poor, calculate interest on capital @10% p.a. for the year ended 31-3-17.

 Balance Sheet Liabilities Amount Assets Amount Rich’s Capital 20,000 Sundry Assets 42,000 Poor’s Capital 16,000 Drawings – Rich 2,000 Profit & Loss Appropriation a/c (2016-17) 8,000 44,000 44,000

During the year ended 31-3-2017 Rich’s drawings were ₹ 3,000 and Poor’s Drawings were ₹ 5,000. Profits during the year were ₹ 12,000.

## The solution of Question 26 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 |

 Calculation of Capital as on 1st April 2016 Particulars Rich Poor Capital as on 31st March 2017 20,000 16,000 Add: Drawings during the year (Poor) – 5,000 Rich’s Drawings (3,000-2,000)(WN1) 1,000 – 21,000 21,000 Less: Share in Profit (12,000-8,000)(WN2) (-2000) (-2000) Capital as on 01/04/2016 19,000 19,000 Interest on Capital @10% p.a. 1,900 1,900

Working Note:

1. Rich’s drawings appearing in B/S Rs.2,000 means that they are still not adjusted out of total drawings of Rs.3,000. Hence, Only Rs.1,000 (i.e. 3,000-2,000) drawings are added back which have already been adjusted from the capital A/c.

2. Just like drawings, profits are also not adjusted to the Rs.8,000 appearing in B/S. So, only profit already adjusted i.e. Rs.12,000-8,000 = Rs.4,000 are to be adjusted for calculating opening capital.

Comment if you have any questions.

End of Solution

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### 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)

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)

## Check out Part 2 of both books.

In Class 12th the accountancy has 2 books i.e. Part 1 and Part 2. The Books related to the Part 1 are shown above. but If you want to know more about Part 2, you can check it out from the following links. We have provided the links to both books i.e. Accountancy Part 2 by Usha Publication and Advanced Accountancy Part 2 by Unimax Publication.

1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication

2. Advanced Accountancy Part 2 Class 12 by Unimax Publication