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Question 30 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 30 Chapter 2 of +2- Part-
Q-30 - CH-2 - Usha +2 Book 2018 - Solution

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Question 30 Chapter 2 of +2-Part-1

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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.
DateAmount
(A)
Period Left after
(B)
Product
(C=A*B)
April 302,0001122,000
July 15,000945,000
October 314,000520,000
March 13,00013,000
March 31200000
Sum of Product 90,000

Interest on Drawing = Sum of Product X Rate of Interest X 1/12

Interest on Drawing=90,000X10X1
10012
       
Interest on Drawing=750/-    

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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

 

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

+2 Book 1-min
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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