Calculate interest on capital of Mr. Rishi @ 8% p.a. as on 31.03.2021, His Fixed capital balance as on 31.03.2021 is * 5,00,000, Additional capital introduced on 01.07.2020 is 1,00,000, Drawing against profit on 60000
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Answered by
2
Answer:
ioc was 36800
Explanation:
first we having closing capital so we have to find the opening capital by which we calculate interest on capital so 500000 closing capital
_ 100000additional capital
+60000 drawing
total. =460000 opening capital
460000×8/100=36800
36800 is interest on capital
Answered by
0
Explanation:
We have Fixed capital =5,00,000
CALCULATING OPENING CAPITAL
Closing capital 5,00,000
(-) Additional capital 1,00,000
Opening Capital 4,00,000
IOC = 8/100 × 4,00,000 = 50,000
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