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Question 9 Chapter 2 – Unimax Class 12 Part 1
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Table of Contents
9. X and Y have capitals of Rs. 30000 and Rs. 20000 respectively as on 1st April, 2020. Interest on capital is allowed @ 10% per annum. Find out interest on capital for year ended on 31st March, 2021 and pass necessary Journal entry for interest on capital.
The solution of Question 9 Chapter 2 – Unimax Class 12 Part 1:
| Date | Particulars | L.F. | Debit | Credit | |
| Interest on capital A/c | Dr. | 5,000 | |||
| To X’s Capital A/c | 3,000 | ||||
| To Y’s Capital A/c | 2,000 | ||||
| (Being Interest Provided on Capitals) |
Working Notes
| (1) X’s Capital | = Rs. 30,000 |
| Interest on Capital | = Rs. 30,000 x 10% (For one year) |
| = Rs. 3,000 | |
| (2) Y’s Capital | = Rs. 20,000 |
| Interest on Capital | = Rs. 20,000 x 10% (For one year) |
| = Rs. 2,000 |
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T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)
- Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
- Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
- Chapter No. 3 – Goodwill: Nature and Valuation
- Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
- Chapter No. 5 – Admission of a Partner
- Chapter No. 6 – Retirement/Death of a Partner
- Chapter No. 7 – Dissolution of a Partnership Firm
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
- Chapter No. 8 – Company Accounts – Accounting for Share Capital
- Chapter No. 9 – Company Accounts – Issue of Debentures
- Chapter No. 10 – Redemption of Debentures
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis – Comparative Statements and Common- Size Statements
- Chapter No. 4 – Accounting Ratios
- Chapter No. 5 – Cash Flow Statement
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