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Question 33 Chapter 2 of Class 12 Part – 1 VK Publication

Question 33 Chapter 2 of Class 12 Part - 1 VK Publication
Question 33 Chapter 2 of Class 12 Part - 1 VK Publication

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Question 33 Chapter 2 of Class 12 Part – 1

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33. A is a partner in a firm for the year ended 31st March, 2018. A’s drawings were:

1st June., 2017Rs. 1,0001st Dec., 2017Rs. 500
1st August, 2017Rs. 7501st Feb., 2018Rs. 500
1st October, 2017Rs. 1,2501st Mar., 2018Rs. 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)

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Simple Method

Date
 
AmountPeriods (months)Product  ₹ (Amount X month)
1st June., 20171,0001010,000
1st August, 201775086,000
1st October, 20171,25067,500
1st Dec., 201750042,000
1st Feb., 201850021,000
1st Mar., 20185001500
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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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

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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

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

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