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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 Drawing | X | Rate | X | Months |
| 100 | 12 |
| Interest on Drawing | = | 45,000 | X | 10 | X | 2 |
| 100 | 12 |
Interest on Drawing = Rs. 750
(ii) Interest Y’s drawings made in the middle of every month for 3 months
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| Interest on Drawing | = | 45,000 | X | 10 | X | 1.5 |
| 100 | 12 |
Interest on Drawing = Rs. 562.50
Interest on Z’s drawings made at the end of every month for 3 month
| Interest on Drawing | = | 45,000 | X | 10 | X | 1 |
| 100 | 12 |
Interest on Drawing = Rs. 375
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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)
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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
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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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