Kamal and Bimal are partners in a firm having capitals ₹ 6,00,000 and ₹ 4,00,000 respectively. The Partnership deed provides for charging interest on drawing @5% p.a. A withdrew ₹ 48,000 for his personal use on 1st December 2019 . B withdrew ₹ 75,000 from his capital on 1.1.2020. The amount of interest that will be charged on partner’s drawings are :
Answers
Answer:
Calculation of Capital balance in the beginning:
Particulars Ram Mohan
Capitals at the end of the year 24000 18000
Less: Profit already credited (8000) (8000)
Add: Drawings already debited 4000 6000
Capital at the beginning of the year 20000 16000
Note: Interest on capital is always calculated on the opening balance of the partner's capital.
Ram's interest on capital= 20000 * 5/100
= 1000
Mohan's interest on capital= 16000 * 5/100
= 800
Explanation:
just the names are changed
Answer:
800
Explanation:
Calculation of Capital balance in the beginning:
Particulars Ram Mohan
Capitals at the end of the year 24000 18000
Less: Profit already credited (8000) (8000)
Add: Drawings already debited 4000 6000
Capital at the beginning of the year 20000 16000
Note: Interest on capital is always calculated on the opening balance of the partner's capital.
Ram's interest on capital= 20000 * 5/100
= 1000
Mohan's interest on capital= 16000 * 5/100
= 800