On 31st March 2020 after the closing of the accounts capital account of p q and R stand in the book of the format 40,000 30,000 20000 respectively subsequently to was not is the interest on capital at 5:00 percentage has been omitted profit for the year ended 31st March 2020 was 60000 on the partners drawn as been 10,000 7500 4500
Answers
Answer:
16000
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Explanation:
Generally interest on Capital is calculated on opening balance of capital. If additional capital is not given.
Mountain
Hill
Rock
Closing Capital
4,00,000
3,00,000
2,00,000
Add: Drawings
20,000
15,000
10,000
Less: Profit (1:1:1)
(50,000)
(50,000)
(50,000)
Opening Capital
3,70,000
2,65,000
1,60,000
Interest on Capital
Mountain
3,70,000 ×= Rs 37,000
Hill
2,65,000 ×= Rs 26,500
Rock
1,60,000 ×= Rs 16,000
Answer:
Answer:
16000
Generally interest on Capital is calculated on opening balance of capital. If additional capital is not given.
Mountain
Hill
Rock
Closing Capital
4,00,000
3,00,000
2,00,000
Add: Drawings
20,000
15,000
10,000
Less: Profit (1:1:1)
(50,000)
(50,000)
(50,000)
Opening Capital
3,70,000
2,65,000
1,60,000
Interest on Capital
Mountain
3,70,000 ×= Rs 37,000
Hill
2,65,000 ×= Rs 26,500
Rock
1,60,000 ×= Rs 16,000