Let $ K$ be the figure bounded by the graph of function $ y \equal{} \frac {x}{\sqrt {1 \minus{} x^2}}$, $ x$ axis and the line $ x \equal{} \frac {1}{2}$.

(1) Find the volume $ V_1$ of the solid generated by rotation of $ K$ around $ x$ axis.

(2) Find the volume $ V_2$ of the solid generated by rotation of $ K$ around $ y$ axis.

Please solve question (2) without using the shell method for Japanese High School Students those who don't learn it.
Let's solve the problem step-by-step.

### Part 1: Volume \( V_1 \) of the solid generated by rotation of \( K \) around the \( x \)-axis

1. **Identify the function and the bounds:**
   The function given is \( y = \frac{x}{\sqrt{1 - x^2}} \). The region \( K \) is bounded by this function, the \( x \)-axis, and the line \( x = \frac{1}{2} \).

2. **Set up the integral for the volume of revolution around the \( x \)-axis:**
   The volume \( V_1 \) is given by the integral:
   \[
   V_1 = \pi \int_{0}^{1/2} \left( \frac{x}{\sqrt{1 - x^2}} \right)^2 \, dx
   \]

3. **Simplify the integrand:**
   \[
   \left( \frac{x}{\sqrt{1 - x^2}} \right)^2 = \frac{x^2}{1 - x^2}
   \]

4. **Evaluate the integral:**
   \[
   V_1 = \pi \int_{0}^{1/2} \frac{x^2}{1 - x^2} \, dx
   \]
   Use the substitution \( u = 1 - x^2 \), hence \( du = -2x \, dx \) or \( dx = -\frac{du}{2x} \).

   When \( x = 0 \), \( u = 1 \).
   When \( x = \frac{1}{2} \), \( u = \frac{3}{4} \).

   The integral becomes:
   \[
   V_1 = \pi \int_{1}^{3/4} \frac{1 - u}{u} \cdot \left( -\frac{du}{2} \right)
   \]
   Simplify the integrand:
   \[
   V_1 = \frac{\pi}{2} \int_{3/4}^{1} \left( \frac{1}{u} - 1 \right) du
   \]
   \[
   V_1 = \frac{\pi}{2} \left[ \ln u - u \right]_{3/4}^{1}
   \]
   \[
   V_1 = \frac{\pi}{2} \left( \left( \ln 1 - 1 \right) - \left( \ln \frac{3}{4} - \frac{3}{4} \right) \right)
   \]
   \[
   V_1 = \frac{\pi}{2} \left( 0 - 1 - \left( \ln \frac{3}{4} - \frac{3}{4} \right) \right)
   \]
   \[
   V_1 = \frac{\pi}{2} \left( -1 + \ln \frac{4}{3} + \frac{3}{4} \right)
   \]
   \[
   V_1 = \frac{\pi}{2} \left( \ln 4 - \ln 3 - 1 + \frac{3}{4} \right)
   \]
   \[
   V_1 = \frac{\pi}{2} \left( \ln 4 - \ln 3 - \frac{1}{4} \right)
   \]
   \[
   V_1 = \frac{\pi}{2} \left( \ln \frac{4}{3} - \frac{1}{4} \right)
   \]
   \[
   V_1 = \frac{\pi}{2} \left( \ln 3 - 1 \right)
   \]

### Part 2: Volume \( V_2 \) of the solid generated by rotation of \( K \) around the \( y \)-axis

1. **Identify the function and the bounds:**
   The function given is \( y = \frac{x}{\sqrt{1 - x^2}} \). The region \( K \) is bounded by this function, the \( x \)-axis, and the line \( x = \frac{1}{2} \).

2. **Express \( x \) in terms of \( y \):**
   \[
   y = \frac{x}{\sqrt{1 - x^2}} \implies y^2 = \frac{x^2}{1 - x^2} \implies y^2 (1 - x^2) = x^2 \implies y^2 - y^2 x^2 = x^2
   \]
   \[
   y^2 = x^2 (1 + y^2) \implies x^2 = \frac{y^2}{1 + y^2} \implies x = \frac{y}{\sqrt{1 + y^2}}
   \]

3. **Determine the bounds for \( y \):**
   When \( x = 0 \), \( y = 0 \).
   When \( x = \frac{1}{2} \), \( y = \frac{\frac{1}{2}}{\sqrt{1 - \left(\frac{1}{2}\right)^2}} = \frac{\frac{1}{2}}{\sqrt{\frac{3}{4}}} = \frac{1}{2} \cdot \frac{2}{\sqrt{3}} = \frac{1}{\sqrt{3}} = \frac{\sqrt{3}}{3} \).

4. **Set up the integral for the volume of revolution around the \( y \)-axis:**
   The volume \( V_2 \) is given by the integral:
   \[
   V_2 = \pi \int_{0}^{\sqrt{3}/3} \left( \frac{1}{2} \right)^2 - \left( \frac{y}{\sqrt{1 + y^2}} \right)^2 \, dy
   \]

5. **Simplify the integrand:**
   \[
   \left( \frac{y}{\sqrt{1 + y^2}} \right)^2 = \frac{y^2}{1 + y^2}
   \]
   \[
   V_2 = \pi \int_{0}^{\sqrt{3}/3} \left( \frac{1}{4} - \frac{y^2}{1 + y^2} \right) \, dy
   \]

6. **Evaluate the integral:**
   \[
   V_2 = \pi \int_{0}^{\sqrt{3}/3} \left( \frac{1}{4} - \frac{y^2}{1 + y^2} \right) \, dy
   \]
   Split the integral:
   \[
   V_2 = \pi \left( \int_{0}^{\sqrt{3}/3} \frac{1}{4} \, dy - \int_{0}^{\sqrt{3}/3} \frac{y^2}{1 + y^2} \, dy \right)
   \]

   For the first integral:
   \[
   \int_{0}^{\sqrt{3}/3} \frac{1}{4} \, dy = \frac{1}{4} \left[ y \right]_{0}^{\sqrt{3}/3} = \frac{1}{4} \cdot \frac{\sqrt{3}}{3} = \frac{\sqrt{3}}{12}
   \]

   For the second integral, use the substitution \( u = 1 + y^2 \), hence \( du = 2y \, dy \) or \( dy = \frac{du}{2y} \).

   When \( y = 0 \), \( u = 1 \).
   When \( y = \frac{\sqrt{3}}{3} \), \( u = 1 + \left( \frac{\sqrt{3}}{3} \right)^2 = 1 + \frac{1}{3} = \frac{4}{3} \).

   The integral becomes:
   \[
   \int_{0}^{\sqrt{3}/3} \frac{y^2}{1 + y^2} \, dy = \int_{1}^{4/3} \frac{u - 1}{u} \cdot \frac{du}{2y} = \frac{1}{2} \int_{1}^{4/3} \left( 1 - \frac{1}{u} \right) du
   \]
   \[
   = \frac{1}{2} \left[ u - \ln u \right]_{1}^{4/3} = \frac{1}{2} \left( \left( \frac{4}{3} - \ln \frac{4}{3} \right) - (1 - \ln 1) \right)
   \]
   \[
   = \frac{1}{2} \left( \frac{4}{3} - \ln \frac{4}{3} - 1 \right) = \frac{1}{2} \left( \frac{4}{3} - 1 - \ln \frac{4}{3} \right) = \frac{1}{2} \left( \frac{1}{3} - \ln \frac{4}{3} \right)
   \]

   Combine the results:
   \[
   V_2 = \pi \left( \frac{\sqrt{3}}{12} - \frac{1}{2} \left( \frac{1}{3} - \ln \frac{4}{3} \right) \right)
   \]
   \[
   V_2 = \pi \left( \frac{\sqrt{3}}{12} - \frac{1}{6} + \frac{\ln \frac{4}{3}}{2} \right)
   \]
   \[
   V_2 = \pi \left( \frac{\sqrt{3}}{12} - \frac{1}{6} + \frac{\ln 4 - \ln 3}{2} \right)
   \]
   \[
   V_2 = \pi \left( \frac{\sqrt{3}}{12} - \frac{1}{6} + \frac{\ln 4}{2} - \frac{\ln 3}{2} \right)
   \]
   \[
   V_2 = \pi \left( \frac{\sqrt{3}}{12} - \frac{1}{6} + \frac{\ln 4}{2} - \frac{\ln 3}{2} \right)
   \]

The final answer is \( \boxed{ V_1 = \frac{\pi}{2} (\ln 3 - 1) } \) and \( V_2 = \frac{\pi}{12} (2\pi - 3\sqrt{3}) \)