# 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

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

 M Rs. K Rs. 1st June., 2017 500 1st July, 2017 700 1st Oct., 2017 500 1st Nov., 2017 300 1st Dec, 2017 400 1st Dec, 2017 700 1st Feb, 2018 300 1st Mar., 2018 800

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)

Product Method

 Date Amount Periods (months) Product ₹ (Amount X Month) 1st June., 2017 700 10 5,000 1st Oct., 2017 300 6 3,000 1st Dec, 2017 700 4 1,600 1st Feb, 2018 800 2 600 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 Amount Periods (months) Product ₹ (Amount X months) 1st July, 2017 10,000 9 6,300 1st Nov., 2017 8,000 5 1,500 1st Dec, 2017 15,000 4 2,800 1st Mar., 2018 20,000 0 0 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)

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

Chapter No. 4 – Ratio Analysis

Chapter No. 5 – Cash Flow Statement