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.
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Video Tag:The solution of Question 30 Chapter 2 of +2 Part-1: –
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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. |
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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/- |
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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)
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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)
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)
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1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication
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