Question

ravi tooks rs 8000 from ram at 10% annum and repaid Rs 11200 afyer a few years find out the time period involved​

Answer 1

Step-by-step explanation:

(a) Partner's Loan A/c Dr. 10000

To Bank A/c 10000

(Being payment of partner's loan)

(b) X's Capital A/c Dr. 300

To Realisation A/c 300

(Being unrecorded asset taken over by partner)

(c) X's Capital A/c Dr. 10000

Y's Capital A/c Dr. 10000

Z's Capital A/c Dr. 10000

To Profit and Loss A/c 30000

(Being debit balance of profit and loss distributed among partners)

(d) Bank A/C..... Dr. 125000

To Realisation A/c 125000

(Being realisation of assets)

(e) Realisation A/c Dr. 2000

To Y's Capital A/c 2000

(Being remuneration given to Y to carry out dissolution)

(f) No entry is passed since creditors are paid in full settlement of their account.

Answer 2

Answer:

Ravi took rs 8000 from ram at 10% annum and repaid Rs 11200 after 4  years.

Step-by-step explanation:

Given: Pricipal (p) = Rs 8000

Rate (R) = 10%

Amount = Rs 11200

Find : Time period (T)

Formula: Amount = Principal + Interest

Interest =$\frac{PTR}{100}$

Step 1:

First find interest

Amount = Principal + Interest

Interest = Amount - Principal

= Rs(11200-8000) = Rs 3200

Step 2:

Find Time period (T)

$Interest = \frac{PTR}{100}\\3200 = \frac{8000 \times T \times 10}{100}\\3200 = \frac{80000T }{100}\\3200 = 800T$

T = 3200 ÷ 800

T = 4years