# 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

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

 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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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)

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