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Question 32 Chapter 2 of Class 12 Part – 1 VK Publication

Question 32 Chapter 2 of Class 12 Part - 1 VK Publication
Question 32 Chapter 2 of Class 12 Part - 1 VK Publication

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Question 32 Chapter 2 of Class 12 Part – 1

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32. M and K share profits equally. Their drawings for the year ending on 31st March, 2018 were as under:

MRs.KRs.
1st June., 20175001st July, 2017700
1st Oct., 20175001st Nov., 2017300
1st Dec, 20174001st Dec, 2017700
1st Feb, 20183001st Mar., 2018800

Calculate interest on drawings @6% pa. for the year ended on 31st March, 2018

The solution of Question 32 Chapter 2 of Class 12 Part – 1: –

(i)

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Product Method

Date
 
AmountPeriods (months)

Product ₹ (Amount X Month)

1st June., 2017700105,000
1st Oct., 201730063,000
1st Dec, 201770041,600
1st Feb, 20188002600
Total of Products  10,200

Interest on Drawings= Total of Products ×rate/100×1/12
= 10,200 ×6/100×1/12 = Rs. 51

Product Method

Date
 
AmountPeriods (months)Product ₹ (Amount X months)
1st July, 201710,00096,300
1st Nov., 20178,00051,500
1st Dec, 201715,00042,800
1st Mar., 201820,00000
Total of Products  10,600

Interest on Drawings= Total of Products ×rate/100×1/12
= 3,60,000 ×6/100×1/12 = Rs. 53

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Also, Check out the solved question of all Chapters: –

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)

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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

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Chapter No. 2 – Financial Statement Analysis

Chapter No. 3 –  Tools of Financial Statement Analysis- Comparative and Common Size

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

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

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