Question 33 Chapter 2 of Class 12 Part – 1
33. A is a partner in a firm for the year ended 31st March, 2018. A’s drawings were:
| 1st June., 2017 | Rs. 1,000 | 1st Dec., 2017 | Rs. 500 |
| 1st August, 2017 | Rs. 750 | 1st Feb., 2018 | Rs. 500 |
| 1st October, 2017 | Rs. 1,250 | 1st Mar., 2018 | Rs. 500 |
Interest on drawings is charged @ 10% per annum. Calculate interest on drawings of A.
The solution of Question 33 Chapter 2 of Class 12 Part – 1: –
(i)
Simple Method
| Date |
Amount | Periods (months) | Product ₹ (Amount X month) |
| 1st June., 2017 | 1,000 | 10 | 10,000 |
| 1st August, 2017 | 750 | 8 | 6,000 |
| 1st October, 2017 | 1,250 | 6 | 7,500 |
| 1st Dec., 2017 | 500 | 4 | 2,000 |
| 1st Feb., 2018 | 500 | 2 | 1,000 |
| 1st Mar., 2018 | 500 | 1 | 500 |
| Total of Products | 27,000 |
Interest on Drawings= Total of Products ×rate/100×1/12
= 3,60,000 ×10/100×1/12 = Rs. 225
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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)
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
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