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

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

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Question 77 Chapter 2 of Class 12 Part – 1

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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.

LiabilitiesRs.AssetsRs.
Creditors6,000Cash in Hand5,000
Om’s Capital A/c15,000Debtors4,000
Som’s Capital A/c9,000Furniture2,000
  Stock19,000
 30,000 30,000
Other information for the year 2017-18:OmSom
Drawings2,0001,000
Interest on drawings10050
Partner’s salaries and firm earned a profit of Rs. 10,000 during the year.2,1001,050

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

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Statement showing calculation of opening capital

Particulars Om Rs.Som Rs.
Partners’ Capital at the end of the year15,0009,000
Add: Partners’ Drawing during the year2,0001,000
Add: Interest on Dtrwaings10050
Less: Partners’ Salaries(2,100)(1,050)
Less: Partners’ Share of Profit(5,000)(5,000)
Partners’ Capitals in the beginning of the year10,0004,000

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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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

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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)

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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

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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

+2 Book 1-min
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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