Question

Harsh and Keshav are partners sharing profits and losses in the ratio of 3:1. Their capitals at the end of the financial year 2019-20 were Rs. 1,50,000 and Rs. 75,000. During the year 2019-20, Harsh's drawings were Rs. 20,000 and the drawings of Keshav were Rs. 5,000, which had been duly debited to partners' capital accounts. Profit before charging interest on capital for the year was Rs. 16,000. The same had also been distributed in their profit sharing ratio. Keshav had brought additional capital of Rs. 16,000 on October 1, 2019. Calculate opening capital of the partners.

Answer 1

Answer:

Interest on capital will be as 18,960 (12% of Rs. 1,58,000) for Josh and Rs. 960 for Krish calculated as follows:

60,000×12100+Rs.16,000×12100×612=Rs.7,200+Rs.960

=Rs.8,160.

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Answer 2

Answer:

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