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Question 31 Chapter 2 of Class 12 Part – 1
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31. Following amounts were withdrawn by B during previous year. Calculate interest @5% p.a. on his drawings by (i) Simple Method (ii) Product Method.
| Date | Rs. | Date | Rs. | Date | Rs. |
| April 1, 2017 | 10,000 | Oct. 1, 2017 | 15,000 | Jan.1, 2018 | 5,000 |
| June 30, 2017 | 8,000 | Dec.31,1027 | 2,000 | Mar.1,2018 | 3,000 |
The solution of Question 31 Chapter 2 of Class 12 Part – 1: –
(i)
Simple Method
| Date | Amount | Periods (months) | Interest @ 5% Rs. |
| Apr. 1, 2017 | 10,000 | 12 | 500 |
| June 1, 2017 | 8,000 | 9 | 300 |
| Oct. 1, 2017 | 15,000 | 6 | 375 |
| Dec. 1, 2017 | 20,000 | 3 | 250 |
| Jan. 1, 2018 | 5,000 | 3 | 62.50 |
| Mar. 1, 2018 | 6,000 | 1 | 12.50 |
| Total Interest on Drawings | 1,500 |
(ii)
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Product Method
| Date | Amount | Periods (months) | Interest @ 5% Rs. |
| Apr. 1, 2017 | 10,000 | 12 | 1,20,000 |
| June 1, 2017 | 8,000 | 9 | 72,000 |
| Oct. 1, 2017 | 15,000 | 6 | 90,000 |
| Dec. 1, 2017 | 20,000 | 3 | 60,000 |
| Jan. 1, 2018 | 5,000 | 3 | 15,000 |
| Mar. 1, 2018 | 6,000 | 1 | 3,000 |
| Total Interest on Drawings | 3,60,000 |
Interest on Drawings= Total of Products ×rate/100×1/12
= 3,60,000 ×5/100×1/12 = Rs. 1,500
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Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution
Chapter No. 1 – Accounting Not for Profit Organisations
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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)
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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
Chapter No. 2 – Financial Statement Analysis
Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
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Chapter No. 4 – Ratio Analysis
Chapter No. 5 – Cash Flow Statement
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
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