Question 41 Chapter 2 of Class 12 Part – 1
41. Vijay and Bhargav are partners sharing profits and losses equally with capitals of Rs. 30,000 and Rs. 20,000 respectively. Their drawings during the year were as follows:
| Vijay’s drawings on 30th June, 2017 | Rs. 500 |
| 31st July, 2017 | Rs. 600 |
| 1st October, 2017 | Rs. 450 |
| 1st March, 2018 | Rs. 1,400 |
Bhargav drew Rs. 300 at the end of each month. The deed provides interest on capitals and drawings at 6% pa. Calculate interest on capitals and drawings, when accounts are closed on 31st March every year.
The solution of Question 41 Chapter 2 of Class 12 Part – 1: –
Interest on Capital:
| Vijay | = | 30,000 | X | 14 |
| 100 |
Rs.1,800
| Bhargav | = | 20,000 | X | 6 |
| 100 |
Calculation of Interest on Drawings by Product Method:
Product Method
| Date | Amount | Period months |
Product ₹ (Amount X Months) |
| 30th June, 2017 | 500 | 9 | 4,500 |
| 31st July, 2017 | 600 | 8 | 4,800 |
| 1st October, 2017 | 450 | 6 | 2,700 |
| 1st March, 2018 | 1,400 | 1 | 1,400 |
| Total of Products | 13,400 |
| Interest on Drawing | = | Total Product | X | Rate | X | 1 |
| 100 | 12 |
| Interest on Drawing | = | 13,400 | X | 6 | X | 1 |
| 100 | 12 |
= Rs. 67
Interest on Bhargav’s drawings: Total amount of Drawings = 300 x 12 = Rs. 3,600
Drawings are made at the end of every month, then interest for 51⁄2 months will be calculated.
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| Interest on Drawing | = | 3,600 | X | 6 | X | 5.5 |
| 100 | 12 |
= Rs. 99
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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)
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
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
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