Question

Q 9
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Answer 1

Step-by-step explanation:

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 Mohan 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

Mohan's interest on capital= 16000 * 5/100

                                             = 800

Answer 2

Step-by-step explanation:

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