Advertisement

Question 35 Chapter 2 of Class 12 Part – 1 VK Publication

Question 35 Chapter 2 of Class 12 Part - 1 VK Publication
Question 35 Chapter 2 of Class 12 Part - 1 VK Publication

Advertisement

Question 35 Chapter 2 of Class 12 Part – 1

Advertisement

35. M, N and O made drawings during the past six months which are as follows:
M withdrew Rs. 10,000 in the beginning of every month.
N withdrew Rs. 12,000 at the middle of every month.)
O withdrew Rs. 28,000 at the end of every month. Calculate interest on drawings at 14% p.a.

The solution of Question 35 Chapter 2 of Class 12 Part – 1: –

Interest on M’s Drawings:

M withdrew Rs. 10,000 in the beginning of every month during six months, interest on whole amount will be calculated for 3 months.

Advertisement-X

Total Drawings = 10,000 x 6 = Rs. 60,000.

Interest on Drawing=60,000X14X3.5
10012

Interest on Drawing = Rs. 2,450

Interest on N’s Drawings:

N withdrew Rs. 12,000 at the middle of every month during six months, interest on whole amount will be calculated for 3 months.

Total Drawings 12,000 x 6 = Rs. 72,000

Interest on Drawing=72,000X14X3
10012

Interest on Drawing = Rs. 2,520

Advertisement-X

Interest on O’s Drawings:
O withdrew 8,000 at the end of each month, interest on whole amount will be calculated for 2.5 or 2 months.

Total Drawings =8,000 x 6 = Rs. 48,000

Interest on Drawing=48,000X14X2.5
10012

Interest on Drawing = Rs. 1,400

Thanks, Please Like and share with your friends  

Comment if you have any questions.

Also, Check out the solved question of all Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Advertisement-X

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)

Advertisement-X

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

Advertisement-X

Advertisement-Y

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 

Advertisement

Advertisement

error: Content is protected !!