Question 37 Chapter 2 of Class 12 Part – 1
37. Arvind and Atul are two partners sharing profits in the ratio of 2:1. Arvind drew regularly Rs. 4,000 in the beginning of every month and Atul drew regularly Rs. 4,000 at the last day of every month for six months ending on 30th June, 2017. Calculate interest on drawings at 12% pa.
The solution of Question 37 Chapter 2 of Class 12 Part – 1: –
Interest on Arvind’s Drawings Total amount of drawings 4,000 X 6 = Rs. 24,000
Interest on drawings made in the beginning of every month for 6 months:
| Interest on Drawing | = | Total Drawing | X | Rate | X | 3.5 |
| 100 | 12 |
| Interest on Drawing | = | 24,000 | X | 12 | X | 3.5 |
| 100 | 12 |
Interest on Drawing = Rs. 840
Interest on Atul’s Drawings
Total amount of drawings= 4,000 x 6 = Rs. 24,000
Interest on drawings made at the end of every month for 6 months:
| Interest on Drawing | = | 24,000 | X | 12 | X | 2.5 |
| 100 | 12 |
Interest on Drawing = Rs. 600
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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)
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
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