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Question 49 Chapter 6 of +2-Part-1
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49. (Deceased Partner’s Interest on Capital) A , B and C are partners sharing profits in the ratio of 4 :3: 2. According to the partnership agreement partners are entitled to receive interest on capital @ 12% pa. C dies, His capital as on January 1, 2019 was Rs. 36,000 calculate interest on capital allowed to C if he dies on :
(a) Jan 31, 2019,
(b) March 31, 2019
(c) March 14, 2019
The solution of Question 49 Chapter 6 of +2 Part-1: –
Interest is calculated as follow s:
Amount X Rate X Time
(a) | = | Rs. 36,000 | x | 12 | x | 1 |
100 | 12 | |||||
= | Rs 360 |
(b) | = | Rs. 36,000 | x | 12 | x | 3 |
100 | 12 | |||||
= | Rs 1,080 |
(c) | = | Rs. 36,000 | x | 12 | x | 73 |
100 | 365 | |||||
= | Rs 864 |
No. of days in case (c) calculates as follows | |
Days | |
January | 31 |
February | 28 |
March | 14 |
Total | 73 |
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Comment if you have any questions.
Also, Check out the solved question of previous 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
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
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