Question 39 Chapter 2 of Class 12 Part – 1
39. Anand and Prakash are partners in a firm. The partnership deed provided that interest on drawings will be charged @8% pa. During the year ended 31st March, 2018, Anand withdrew Rs. 5,000 in the beginning of each quarter and Prakash withdrew Rs. 3,000 at the end of each quarter. Calculate interest on drawings.
The solution of Question 39 Chapter 2 of Class 12 Part – 1: –
Interest on Anand’s Drawings
Total amount of drawings 5,000 x 4 = Rs. 20,000
Interest on Drawings made in the beginning of each quarter:
| Interest on Drawing | = | Total Drawing | X | Rate | X | Months |
| 100 | 12 |
| Interest on Drawing | = | 20,000 | X | 8 | X | 7.5 |
| 100 | 12 |
Interest on Drawing = Rs. 1,000
Interest on Prakash’s Drawings:
Total amount of drawings= 3,000 x 4 = Rs. 12,000.
Interest on drawings made at the end of each quarter
| Interest on Drawing | = | 12,000 | X | 8 | X | 4.5 |
| 100 | 12 |
Interest on Drawing = Rs. 360
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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)
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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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