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Question 35 Chapter 2 of Class 12 Part – 1
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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.
Total Drawings = 10,000 x 6 = Rs. 60,000.
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| Interest on Drawing | = | 60,000 | X | 14 | X | 3.5 |
| 100 | 12 |
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 | = | 72,000 | X | 14 | X | 3 |
| 100 | 12 |
Interest on Drawing = Rs. 2,520
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.
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Total Drawings =8,000 x 6 = Rs. 48,000
| Interest on Drawing | = | 48,000 | X | 14 | X | 2.5 |
| 100 | 12 |
Interest on Drawing = Rs. 1,400
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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)
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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
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