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

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

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Question 39 Chapter 2 of Class 12 Part – 1

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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 DrawingXRateXMonths
10012

 

Interest on Drawing=20,000X8X7.5
10012

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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=12,000X8X4.5
10012

Interest on Drawing = Rs. 360

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Also, Check out the solved question of all Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

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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

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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