# Question 34 Chapter 2 of Class 12 Part – 1 VK Publication

Question 34 Chapter 2 of Class 12 Part - 1 VK Publication

Question 34 Chapter 2 of Class 12 Part – 1

34. Jim, Sim and Tim are partners in a firm and have made the following drawings:
Jim withdrew Rs. 10,000 in the beginning of every month, while Sim and Tim withdrew the same amount as given above at the middle and end of every month respectively. Interest on drawings is to be charged at 15% pa. Calculate interest on each partner’s drawings.

## The solution of Question 34 Chapter 2 of Class 12 Part – 1: –

Total Drawings = 10,000 × 12 = Rs. 1,20,000 (in case of every partner)
Interest on Drawings:
Jim withdrew Rs. 10,000 p.m. in the beginning of every month, interest on the whole amount will be calculated for 6 1⁄2months.

 Interest on Drawing = Total Drawing X Rate X 6.5 100 12
 Interest on Drawing = 1,20,000 X 15 X 6.5 100 12

Interest on Drawing= Rs.9,750

Sim withdrew Rs. 10,000 p.m. in the middle of every month, interest on the whole amount will be calculated for 6 months.

 Interest on Drawing = 1,20,000 X 15 X 6 100 12

Interest on Drawing = Rs. 9,000

Tim withdrew Rs. 10,000 p.m. at the end of every month, interest on the whole amount will be calculated for 5% months.

 Interest on Drawing = 1,20,000 X 15 X 5.5 100 12

Interest on Drawing= Rs.8,250

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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