Question

3 Following is the balance sheet of Meena, Reena and Veena who share profits and losses
in the ratio 3:1:2
Balance sheet as on 31" March, 2019
Liabilities
Amt
Assets
Amt
Capital
Sundry assets
4.43.894
- Meena
99,898
- Reena
1,93,498
- Veena
1,00,498
P & L Apppropriation a/c 50,000
4,43,894
4.43.894
Profit earned during the year ended 31.3.2019 was * 80,000
On 1st July, 2018 Meena brought in additional capital of 40,000.
Reena introduced additional capital of 40,000 on 31.3.2019.
Veena introduced additional capital of 30,000 on 1.9.2018 and 10,000 on
1.12.2018.
Meena's drawings were 1,000 uniformly at the beginning of each month.
Reena drew 6,000 at the end of each quarter.
Veena's drawings were:
Date
01.06.2018 5.000
31.08.2018 4,300
31.12.2018 4,500
31.03.2019 5.000
Interest on drawings is charged at 9% p.a. and the same has been debited to the
capital accounts of the partners.
Calculate interest on capital @ 6% p.a. for the year ended 31.3.2019.​

Answer 1

Answer:

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