# 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

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)

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

Chapter No. 5 – Cash Flow Statement