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Question 41 Chapter 2 of Class 12 Part – 1 VK Publication

Question 41 Chapter 2 of Class 12 Part - 1 VK Publication
Question 41 Chapter 2 of Class 12 Part - 1 VK Publication

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Question 41 Chapter 2 of Class 12 Part – 1

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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, 2017Rs. 500
31st July, 2017Rs. 600
1st October, 2017Rs. 450
1st March, 2018Rs. 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=30,000X14
100

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Rs.1,800

Bhargav=20,000X6
100


Calculation of Interest on Drawings by Product Method:

Product Method

Date AmountPeriod months
 
Product ₹ (Amount X Months)
30th June, 201750094,500
31st July, 201760084,800
1st October, 201745062,700
1st March, 20181,40011,400
Total of Products  13,400
Interest on Drawing=Total ProductXRateX1
10012
Interest on Drawing=13,400X6X1
10012

= 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.

Interest on Drawing=3,600X6X5.5
10012

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= 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)

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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)

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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

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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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