A and B were partners in a firm. they share profit in 2:3 ratio. they close their accounts on 31st December every year.' A' withdrew a fixed sum of ₹2000 at the beginning of every month starting form 1st july, 2017.You have to calculate interest on drawing while rate of interest is 12 percent.
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Step-by-step explanation:Total amount given by the partners = Rs. 30,000
The ratio of profit sharing = 3:2
So, we need to calculate advance from each of A and B.
Interest Period = 6 months as given in the question
(Oct’ 2017 to Mar’ 2018) = 6 months
Interest will be calculated as (amount will be taken as per the ratio of profit for A and B, we calculated above):
Rate of interest given is 6% per annum on the loans
Calculation of Interest payable by the firm to the partners:
The Interest payable by the firm to the partner A is Rs. 540 and interest payable by the firm to the partner B is Rs. 360.
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