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Question 38 Chapter 2 of Class 12 Part – 1 VK Publication

Question 38 Chapter 2 of Class 12 Part - 1 VK Publication
Question 38 Chapter 2 of Class 12 Part - 1 VK Publication

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Question 38 Chapter 2 of Class 12 Part – 1

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38. X,Y and Z are partners in a firm, you find that:
(i) X drew Rs. 15,000 in the beginning of every month for 3 months ending 31st March, 2018
(ii) Y drew Rs. 15,000 in the middle of every month for 3 months ending 31st March, 2018.
(iii) Z drew Rs. 15,000 at the end of every month for 3 months ending 31st March, 2018.
Calculate interest on drawings @ 10% pa.

The solution of Question 38 Chapter 2 of Class 12 Part – 1: –

Total amount of drawings in all cases = 15,000 x 3 = Rs. 45,000
(i) Insert on X’s drawings made in the beginning of every month for 3 month

Interest on Drawing=Total DrawingXRateXMonths
10012
Interest on Drawing=45,000X10X2
10012

Interest on Drawing = Rs. 750

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(ii) Interest Y’s drawings made in the middle of every month for 3 months

Interest on Drawing=45,000X10X1.5
10012

Interest on Drawing = Rs. 562.50

Interest on Z’s drawings made at the end of every month for 3 month

Interest on Drawing=45,000X10X1
10012

Interest on Drawing = Rs. 375

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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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