Question 77 Chapter 2 of Class 12 Part - 1 VK Publication

Question 77 Chapter 2 of Class 12 Part – 1

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The solution of Question 77 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

77. From the following balance sheet of Om and Som, calculate interest on capital @ 6% pa for the year ending 31st March, 2018:

Balance sheet

As at 31st March 2018.

Liabilities	Rs.	Assets	Rs.
Creditors	6,000	Cash in Hand	5,000
Om’s Capital A/c	15,000	Debtors	4,000
Som’s Capital A/c	9,000	Furniture	2,000
		Stock	19,000
	30,000		30,000

Other information for the year 2017-18:	Om	Som
Drawings	2,000	1,000
Interest on drawings	100	50
Partner’s salaries and firm earned a profit of Rs. 10,000 during the year.	2,100	1,050

The solution of Question 77 Chapter 2 of Class 12 Part – 1: –

Statement showing calculation of opening capital

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Particulars	Om Rs.	Som Rs.
Partners’ Capital at the end of the year	15,000	9,000
Add: Partners’ Drawing during the year	2,000	1,000
Add: Interest on Dtrwaings	100	50
Less: Partners’ Salaries	(2,100)	(1,050)
Less: Partners’ Share of Profit	(5,000)	(5,000)
Partners’ Capitals in the beginning of the year	10,000	4,000

Interest on Capitals:
Om = 10,000 ×6/100= Rs. 600
Som = 4,000 ×6/100 = Rs. 240
[Note : Divisible Profit Rs. 10,000 is shared equally ny the partners.]

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