Question 47 Chapter 2 of Class 12 Part - 1 VK Publication

Question 47 Chapter 2 of Class 12 Part – 1

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The solution of Question 47 Chapter 2 of Class 12 Part – 1: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

47. Parul and Queen are partners sharing Profit or Loss in the ratio of 3:2 having capital balances of Rs. 1,50,000 and Rs. 1,20,000 on 1st April, 2017. On 1st July, 2017. Parul introduced only Rs. 30,000 as her additional capital whereas Queen introduced only Rs. 3,000. If the interest on capital is allowed to partners @ 10% p.a. Calculate the interest on capital if the financial year closes on 31st March.

The solution of Question 47 Chapter 2 of Class 12 Part – 1: –

Interest on Capital to PARUL = (1,50,000 x10% + (30,000 x 10% x9/12) = 15,000 + 2,250 = Rs. 17,250.
Interest on Capital to QUEEN = (1,20,000 x10%) + (3,000 x 10% x9/12) = 12,000 + 225 = Rs. 12,225.
Alternate Solution:
Interest on Capital to PARUL =(1,50,000 ×10/100×3/12)+(1,80,000 x ×10/100×9/12) = 3,750+13,500 = Rs. 17,250
Interest on Capital to QUEEN =(1,20,000 ×10/100×3/12)+(1,23,000 x ×10/100×9/12) = 3,000+9,225 = Rs. 12,225.

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