Question

(Ans. Profit!
Long Practical Questions
Calculation of Interest on Capital
1. Following is the Balance Sheet of X and Y on 31st March, 2016 :
₹ F
Capitals :
Land
X
10,000
Buildings
Y
12,000 22,000 Other assets
Creditors
8,000 Y's Drawings
P. & L. Appropriation
6,000
₹ F 36,000
₹
4,000
18,000
12,000
2,000
36,000
During the year 2015-16: (i) Profits were 10,000; (ii) Drawings of X were 3,000 and of Y* 2,000; (iii) Interest
is 5%.
Calculate interest on the capitals of X and Y.
[Ans. X 550; Y 500.)
(Hints : Profit * 10,000 - P&L App. 76,000 = 4,000; * 4,000 + 2 = 32,000 X; 7 2,000 Y; X = 10,000 Capital
- Profit 2,000 = 8,000; 7 8,000 + 3,000 = 11,000,
11,000 x 5
= 550.)
100​

Answer 1

Answer:

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Answer 2

Answer:

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