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Question 44 Chapter 2 of Class 12 Part – 1 VK Publication

Question 44 Chapter 2 of Class 12 Part - 1 VK Publication
Question 44 Chapter 2 of Class 12 Part - 1 VK Publication

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Question 44 Chapter 2 of Class 12 Part – 1

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44. From the following Balance Sheet of Suman and Rita at the year end, calculate intrest on capitals at 6% pa.

Balance Sheet

LiabilltiesRs.AssetsRs.
Creditors50,000Cash50,000
Suman’s Capital80,000Debtors50,000
Rita’s Capital1,20,000Land1,50,000
 2,50,000 2,50,000

The profits earned during the year were Rs. 50,000. Drawings of Suman and Rita were Rs. 10,000 and Rs. 15,000 respectively on which interest at 10% pa. was levied. Salary credited to Suman and Rita was Rs. 6,000 and Rs. 17,000 respectively. Interest on loan provided by la amounted to Rs. 4,000.

The solution of Question 44 Chapter 2 of Class 12 Part – 1: –

Particulars 
 
Suman ₹Rita ₹
Partners’ Capital at the end of the year80,0001,20,000
Add: Partners’ drawings during the year10,00015,000
Add: Interest on Drawings500750
Less: Partners’ Salaries(6,000)(17,000)
Less:Partners’ Share in Profit(25,000)(25,000)
Partners’ Capital in the beginning of the year59,50093,750

Interest on Suman’s capital = 59,500 ×6/100 = Rs. 3,750
Interest on Rita’s capital = 93,750 ×6/100= Rs. 5,625

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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)

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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)

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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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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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