Question 30 Chapter 2 of +2-Part-1
30. (Interest on Drawings/ Product Method) During the year ended 31-3-2017, a partner made the following drawings:
April 30 – 2,000
July 1 – 5,000
October 31 – 4,000
March 1 – 3,000
March 31 – 2,000
Calculate interest on drawings when it is charged at @ 10% p.a.
The solution of Question 30 Chapter 2 of +2 Part-1: –
| Calculation of Interest on Partner’s Drawing by Product Method We will do it with the product method because of partner withdrawal a different amount every time. |
|||
| Date | Amount (A) |
Period Left after (B) |
Product (C=A*B) |
| April 30 | 2,000 | 11 | 22,000 |
| July 1 | 5,000 | 9 | 45,000 |
| October 31 | 4,000 | 5 | 20,000 |
| March 1 | 3,000 | 1 | 3,000 |
| March 31 | 2000 | 0 | 0 |
| Sum of Product | 90,000 | ||
Interest on Drawing = Sum of Product X Rate of Interest X 1/12
| Interest on Drawing | = | 90,000 | X | 10 | X | 1 |
| 100 | 12 | |||||
| Interest on Drawing | = | 750/- |
Thanks, Please Like and share with your friends
Comment if you have any questions.
End of Solution
Check Out the Solution of all questions of this chapter:
The solution to all questions of Chapter No. 2 – Partnership Accounts – I (Introduction) Class 12 Usha Publication – 2024 is shown as follows, click on the image of the question to get the solution.
Thanks for completing the chapter. If you understand the question or we have helped you with your homework, please share our website on your social media. We are delighted to help you out.
Thanks again.
End of Post
Advertisement-X
Download a PDF of Chapter No. 2 – Partnership Accounts – I (Introduction):
If you want to download a PDF of this chapter then you can do it. Check out our PDF file on our Store page.
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)
Advertisement-X
Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 1 Class 12 by Unimax Publication
- Chapter No. 1 – Accounts of Non-Profit Organisations (Deleted from the Syllabus)
- Chapter No. 2 – Partnership Accounts – I (Basic Concepts)
- Chapter No. 3 – Partnership Accounts – II (Goodwill)
- Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)
- 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