1. Darpan and Harshad are partners with a capital of Rs. 4,00,000 and Rs. 3,00,000 on 1st April, 2020 respectively. Darpan introduced additional capital of Rs. 80,000 on 1 st June, 2020 and Harshad introduced additional capital of Rs. 50,000 on 30th September, 2020. Darpan withdraw Rs. 30,000 from his capital on 1st January, 2021. Calculate interest on capital for the year ended 31st March, 2021. The rate of interest on capital is 9% p.a. The amount of interest on Darpan’s capital will be: A. Rs. 44,500 B. Rs. 40,500 c. Rs. 43,200 D. Rs. 41,325
Answers
Answered by
0
Explanation:
Decisions according to Partnership Act, 1932, if there is no agreement.
Decision on Harshad's Claim
(i) Interest on partners capital will not be allowed to partners.
(ii) Profits shall be distributed equally among all the partners.
Decisions on Dhiman's Claim
(i) Profits should be distributed equally among all the partners.
(ii) No salary shall be allowed to any partner if there is no agreement regarding remuneration.
(iii) Interest shall be allowed on partner's loan at 6% p.a. whereas no interest is allowed on capital.
Dr
Profit and Loss Appropriation Account
Cr
Similar questions