# Question 48 Chapter 2 of Class 12 Part – 1 VK Publication

Question 48 Chapter 2 of Class 12 Part - 1 VK Publication

Question 48 Chapter 2 of Class 12 Part – 1

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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## 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