Question 44 Chapter 2 of Class 12 Part – 1
44. From the following Balance Sheet of Suman and Rita at the year end, calculate intrest on capitals at 6% pa.
Balance Sheet
| Liabillties | Rs. | Assets | Rs. |
| Creditors | 50,000 | Cash | 50,000 |
| Suman’s Capital | 80,000 | Debtors | 50,000 |
| Rita’s Capital | 1,20,000 | Land | 1,50,000 |
| 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 year | 80,000 | 1,20,000 |
| Add: Partners’ drawings during the year | 10,000 | 15,000 |
| Add: Interest on Drawings | 500 | 750 |
| Less: Partners’ Salaries | (6,000) | (17,000) |
| Less:Partners’ Share in Profit | (25,000) | (25,000) |
| Partners’ Capital in the beginning of the year | 59,500 | 93,750 |
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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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)
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
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