Question

Saloni capital account on April 1 ,2019 2,00,000 on October 1 2019 Saloni withdrew 30,000 from their capital on July 1 2019 Saloni introduced additional capital 50,000 interest allowed @8% p.a calculate interest payable on capital to both the partners during the financial year 2019-2020​

Answer 1

Answer:

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Answer 2

Answer:

Statement Showing Calculation of Interest on Capital

For Saloni

Interest on Rs. 2,00,000 for a full year =Rs.2,00,000×8×1/100 = 16,000 Rs

Add: Interest on Rs.50,000 for 9 months =Rs.50,000×9×8/12×100 = 3,00019,000

Less:Interest on 30,000 for 6 months =Rs.30,000×8×6/12×100

Total = Rs. 17,800

Alternatively interest can be calculated on Rs. 2 lakh for 3 months, on Rs. 2,50,000 for 3 months, and on Rs. 2,20,000, for 6 months (Rs. 4,000 + Rs. 5,000 + Rs. 8,800 = ).

Interest on Rs.3,00,000, for full year @8 % = =Rs.3,00,000×8×1/100 = (Rs.)24,000 Total

Add:Interest on Rs.60,000,for 9 months = Rs 30,00,000 x 8 x 1/100 X 12 = 3,600/27,600

Less: Interest on Rs.15,000 for 3 months = Rs.15,000×8×3/100×12 = 300

(Money withdrawn) = 27,000

Alternatively interest can be charged on Rs. 3,00,000 for 3 months on Rs. 3,60,000 for 6 months and on Rs. 3,45,000 for 3 months (Rs. 6,000 + Rs. 14,400 + Rs. 6,900 = Rs. 27,300).