Question 36 Chapter 2 of Class 12 Part – 1
36.Ram, Sam and Pam are partners in a firm who made drawings of Rs. 15,000 each in the beginning, middle and end of each quarter respectively during the last year. Interest on Drawings are to be changed at 6 % p.a. Calculate interest on Partner’s drawings.
The solution of Question 36 Chapter 2 of Class 12 Part – 1: –
Total Drawings of each partner = Rs. 15,000 x 4= Rs. 60,000
Interest on Ram’s drawings made in the beginning of each quarter
| Interest on Drawing | = | Total Drawing | X | Rate | X | 7.5 |
| 100 | 12 |
| Interest on Drawing | = | 60,000 | X | 6 | X | 7.5 |
| 100 | 12 |
Interest on Drawing = Rs. 2,250
Interest on Sam’s drawings made in the middle of each quarter
| Interest on Drawing | = | 60,000 | X | 6 | X | 7 |
| 100 | 12 |
Interest on Drawing = Rs. 1,800
Interest on Pam’s drawings made at the end of each quarter
| Interest on Drawing | = | 60,000 | X | 6 | X | 4.5 |
| 100 | 12 |
Interest on Drawing = Rs. 1,350
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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
Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
Chapter No. 4 – Ratio Analysis
Chapter No. 5 – Cash Flow Statement
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