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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 VK Publication

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Question 34 Chapter 2 of Class 12 Part – 1

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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 XRateX6.5
10012
Interest on Drawing=1,20,000 X15X6.5
10012

Interest on Drawing= Rs.9,750

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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 X15X6
10012

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 X15X5.5
10012

Interest on Drawing= Rs.8,250

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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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