Anju, Manju and Vinita are partners of a firm. Their capitals as on 1st April, 2014 were Rs 90,000; Rs 70,000 and Rs 50,000 respectively. Manju gave a loan of Rs 30,000 to the firm on 1st July, 2014. Partnership deed states that partners are entitled to:
(a) Interest on capital @ 10% p.a.
(b) Each partner has a right to withdraw upto Rs 60,000 p.a. for personal use. Drawings in excess of the above limit will be charged interest @ 12% p.a.
(c) Firm will pay interest on loan @ 12% p.a.
(d) Vinita will get a commission of 5% of the net profit.
Answers
Explanation:
a) Intrest on capital
Anju = 90,000×10%= 9000
Manju = 70,000×10%=7000
vinita = 50,000×10% = 5000
manju gave a loan Ra 30,000 to firm on 1 july 2014
intrest pay by firm to manju
Intrest on loan = 30,000×12/100×9/12
= 2250
Intrest on loan Rs 2250
a) Capital interest
Anju = 90,000×10%= 9000
Manju = 70,000×10%=7000
50,000 vinita 10% = 5000
On July 1, 2014, Manju made a loan of Ra 30,000 to the company.
business pays interest to Manju
Loan interest = 30,00012/1009/12
= 2250
Loan interest of Rs 2250
A capital interest is a monetary stake in a firm. A capital interest holder shares the partnership's gains and losses. A member's initial contribution to the capital of the firm is frequently used to determine capital interest.
A capital interest is an interest that would provide the holder with a portion of the proceeds if the partnership assets were liquidated at their fair market value and the proceeds were divided in the event of the partnership's full dissolution.
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