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VDO+ Tag:Question 26 Chapter 2 of Class 12 Part – 1 Usha Publication
26. (Interest on Capital/Drawings & Profits given) From the following balance sheet of Rich and Poor, calculate interest on capital @10% p.a. for the year ended 31-3-17.
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Video Tag:| Balance Sheet | |||
| Liabilities | Amount | Assets | Amount |
| Rich’s Capital | 20,000 | Sundry Assets | 42,000 |
| Poor’s Capital | 16,000 | Drawings – Rich | 2,000 |
| Profit & Loss Appropriation a/c (2016-17) | 8,000 | ||
| 44,000 | 44,000 | ||
During the year ended 31-3-2017 Rich’s drawings were ₹ 3,000 and Poor’s Drawings were ₹ 5,000. Profits during the year were ₹ 12,000.
The solution of Question 26 Chapter 2 of Class 12 Part – 1 Usha Publication: –
We are providing a solution of Question 26 Chapter 2 of Class 12 Part – 1 Usha Publication in two formats. one is in Video format and another is in article format. Check out both formats as follows:
1. Check out the Solution of this question in Video Format:-
The video consists solution of questions numbers 18 to 28 Chapter No. 2 class 12 of Usha publication. To check the direct solution of question no. 26 from the following video by using time stamps of the video.
2. Check out the Solution of this question in Article Format: –
| Calculation of Capital as on 1st April 2016 |
||||
| Particulars |
Rich | Poor | ||
| Capital as on 31st March 2017 | 20,000 | 16,000 | ||
| Add: | ||||
| Drawings during the year (Poor) | – | 5,000 | ||
| Rich’s Drawings (3,000-2,000)(WN1) | 1,000 | – | ||
| 21,000 | 21,000 | |||
| Less: | ||||
| Share in Profit (12,000-8,000)(WN2) | (-2000) | (-2000) | ||
| Capital as on 01/04/2016 | 19,000 | 19,000 | ||
| Interest on Capital @10% p.a. | 1,900 | 1,900 | ||
Working Note:
1. Rich’s drawings appearing in B/S Rs.2,000 means that they are still not adjusted out of total drawings of Rs.3,000. Hence, Only Rs.1,000 (i.e. 3,000-2,000) drawings are added back which have already been adjusted from the capital A/c.
2. Just like drawings, profits are also not adjusted to the Rs.8,000 appearing in B/S. So, only profit already adjusted i.e. Rs.12,000-8,000 = Rs.4,000 are to be adjusted for calculating opening capital.
End of Solution
Check Out the Solution of all questions of this chapter:
The solution to all questions of Chapter No. 2 – Partnership Accounts – I (Basic Concepts) Class 12 Usha Publication – 2024 is shown as follows, click on the image of the question to get the solution.
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Chapter-Wise Solution of Usha Publication Accountancy – Part 1 Class 12 – Session 2024-25 as per the PSEB curriculum
Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 1 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.
Chapter No. 1 – Accounting Not-for-Profit Organisations (Deleted from the Syllabus)
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)
Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 1 Class 12 by Unimax Publication
- Chapter No. 1 – Accounts of Non-Profit Organisations (Deleted from the Syllabus)
- Chapter No. 2 – Partnership Accounts – I (Basic Concepts)
- Chapter No. 3 – Partnership Accounts – II (Goodwill)
- Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)
- 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)
Check out Part 2 of both books.
In Class 12th the accountancy has 2 books i.e. Part 1 and Part 2. The Books related to the Part 1 are shown above. but If you want to know more about Part 2, you can check it out from the following links. We have provided the links to both books i.e. Accountancy Part 2 by Usha Publication and Advanced Accountancy Part 2 by Unimax Publication.
1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication
2. Advanced Accountancy Part 2 Class 12 by Unimax Publication