Question 28 Chapter 2 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 28 Chapter 2 of +2-A

Question 28 Chapter 2 of +2-A

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)

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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2 Book 1 min - Question 28 Chapter 2 of +2-A - T.S. Grewal 12 Class Part - A Vol. 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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