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

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

Question 47 Chapter 2 of Class 12 Part – 1

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.

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

Chapter No. 5 – Cash Flow Statement