Question 39 Chapter 2 of Class 12 Part – 1 VK Publication

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 = 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 = 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)

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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