Question 28 Chapter 2 of +2-A - T.S. Grewal 12 Class Part

Question 28 Chapter 2 of +2-A

Table of Contents

The solution of Question 28 Chapter 2 of +2-A:

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

Calculation of Interest on Partner’s Drawings: –

28. Ram and Mohan, two partners, drew for their personal use 1,20,000 and 80,000. Interest is chargeable @ 6% p.a. on the drawings. What is the amount of interest chargeable from each partner?

The solution of Question 28 Chapter 2 of +2-A:

Calculation of interest on partner’s Drawings
The interest in drawing is calculated on the basis of period i.e. from the date of withdrawal to the last date of the financial year
Interest on Drawing = Total Drawing X Rate of Interest X Period
Rate of Interest = 6%
Period = Period of drawing is not clear. So, it will be treated as during the year (So we will calculate on the basis of 6months)
Ram’s Drawing = 1,20,000
Mohan’s Drawing = 80,000

Interest on Ram’s Drawing	=1,20,000	X	10	X	6
			100		12

Interest on Ram’s Drawing =6,000/-

Interest on Mohan’s Drawing	=80,000	X	10	X	6
			100		12

Interest on Mohan’s Drawing =4,000/-

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

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
Chapter No. 3 – Goodwill: Nature and Valuation
Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
Chapter No. 5 – Admission of a Partner
Chapter No. 6 – Retirement/Death of a Partner
Chapter No. 7 – Dissolution of a Partnership Firm

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

Chapter No. 8 – Company Accounts – Accounting for Share Capital
Chapter No. 9 – Company Accounts – Issue of Debentures
Chapter No. 10 – Redemption of Debentures

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

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

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