# 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

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.

 Interest on Drawing = 3,600 X 6 X 5.5 100 12

= Rs. 99

Comment if you have any questions.

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)

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