17. Calculate interest on Capital and on Current Accounts @ 5% p.a. from the following Balance Sheet as
at 31st March, 2021 of Anu and Bobby:
BALANCE SHEET as at 31 March ,2021 of anu and Bobby Sunday creditors 40,000. expense payable 10,000 capital account : anu 2,00,000. Bobby. 2,50,000 current acs :. anu 40,000 ASSESTS. CAsh in hand 10,000. cash at bank 90,000. current a/c Bobby 50,000. fixed assets 3,90,000 Drawings during the year were * 36,000 each and net profit share of each partner was 30,000.
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From the following Balance Sheet of X and Y, calculate interest on capital 5% pa. for the year ended 31st March, 2018:
During the year ended 31st March, 2018, X
′
s drawings were Rs.10,000 and Y
′
s drawings were Rs.30,000. Profit for the year ended 31st March, 2018 was Rs.60,000. The amount of Reserve, i.e., Rs.40,000 is transferred from Current Year's profit to strengthen the financial position of the firm.
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