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Question 48 Chapter 2 of Class 12 Part – 1
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48. On 31st March, 2018 after the closing of books of accounts, the capital accounts of P, Q and R showed balance of Rs. 38,400, Rs. 28,800 and Rs. 19,200 respectively. But, it was later discovered that interest on capital @ 5% had been omitted. The profit for the year ended 31st March, 2018 amounted to Rs. 57,600 and the partners drawings had been P Rs. 5,760, Q Rs. 7,200 and R Rs. 4,320. The profit-sharing ratio of P, Qand R was 3:2:1. Calculate interest on capital.
The solution of Question 48 Chapter 2 of Class 12 Part – 1: –
As interest on Capitals will be calculated on opening balance of capital , hence first opening capital will be calculated as follows:
Particulars |
P Rs. | Q Rs. |
R Rs. |
Closing Capital as on 31.3.2018 | 38,400 | 28,800 | 19,200 |
Less: Profit distributed, i.e. 57,600 in the ratio 3:2:1 | (28,000) | (19,200) | (9,600) |
Add: drawings made during the year | 5,760 | 7,200 | 4,320 |
Opening Capital as on 1.4.2017 | 15,360 | 16,800 | 13,920 |
Thus , Interest on Partners’ capital = Capital ×( Rate)/100
Interest on P’s capital = 15,360 ×5/100 = Rs. 768
Interest on Q’s capital = 16,800×5/100 = Rs. 840
Interest on R’s capital = 13,920×5/100 = Rs. 696
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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)
Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
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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)
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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
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
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