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

Question 30 Chapter 2 of +2- Part-

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 3,000 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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Also, Check out the solved question of previous Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

  • Chapter No. 1 – Accounting Not for Profit Organisations
  • Chapter No. 2 – Partnership Accounts – I
  • Chapter No. 3 – Partnership Accounts – II (Introduction)
  • Chapter No. 4 – Partnership Accounts – III (Goodwill: Nature and Valuation)
  • Chapter No. 5 – Partnership Accounts – IV (Reconstitution of Partnership)
  • Chapter No. 6 – Partnership Accounts – V (Admission of A Partner)
  • Chapter No. 7 – Partnership Accounts – VI (Retirement and Death of A Partner)
  • Chapter No. 8 – Company Accounts (Share Capital)
  • Chapter No. 9 – Company Accounts (Issue of Debentures)
  • Chapter No. 10 – Company Accounts (Redemption of Debentures)

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

  • Chapter No. 1 – Financial Statements of a Company (Balance Sheet Only)
  • Chapter No. 2 – Techniques of Financial Statement Analysis
  • Chapter No. 3 – Ratio Analysis 
  • Chapter No. 4 – Cash Flow Statement

 

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

2 Book 1 min - Question 30 Chapter 2 of +2 Part-1 - USHA Publication  12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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