# Question 31 Chapter 2 of Class 12 Part – 1 VK Publication

Question 31 Chapter 2 of Class 12 Part - 1 VK Publication

Question 31 Chapter 2 of Class 12 Part – 1

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 Following amounts were withdrawn by B during previous year.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)

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

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)

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