Question

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Answer 1

Answer:

Ram and Shyam are partners in a firm whose capitals on 1st January 2018 was rs. 25000 and rs. 20000 respectively. They are allowed interest on capital @ 8% and interest on the drawing is charged @ 12% p.a.Ram gave rs. 10000 to the firm as a loan on. ... 5000 interests charged on their drawings were Rs. 600 and Rs.

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Answer 2

Answer:

ACCOUNTANCY

Ram and Mohan are partners in a business. Their capitals at the end of the year were Rs. 24,000 and Rs. 18,000 respectively. During the year, Ram's drawings and Mohan's drawings were Rs. 4,000 and Rs. 6,000 respectively. Profit (before charging interest on capital) during the year was Rs. 16,000. Calculate interest on capital @ 5% p.a. for the year ended 31st March, 2018.

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ANSWER

Calculation of Capital balance in the beginning: 

ParticularsRam shyam  Capitals at the end of the year24000 18000 Less: Profit already credited(8000)(8000) Add: Drawings already debited4000 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

shyam interest on capital= 16000 * 5/100

                                             = 800