A and B are partners in a firm. On January 1, 2013 their capital is 3.00.000 and
*2,00.000 respectively. Their drawings during the year were 3.000 per month
each. They allowed 6% interest on capital. The profit for the year 4,00,000.
Calculate interest on capital for the year 2013 when capitals are fixed.
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Profit and Loss Appropriation a/c
( for the year ended......)
Dr. Cr.
Particulars Amount Particulars Amount
To Interest on capital
- A
- B
6000
3600 By Profit a/c
(before interest and salary) 80000
To Salary to B (3000*12) 36000
To Profit transferred to:
- A's Capital a/c
- B's Capital a/c
17200
17200
80000 80000
Answered By=shreyash. ..
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