Question

SUBJECT: ACCOUNTANCY
1. Ram and Raj, decided to do business of fashion garments
together under the name of Mr. Beauty fashion wear. They
joined hands as Ram was a good fashion designer and on the
other hand Raj was experienced in marketing such products.
They purchased a commercial space of 500Sq. feet for Rs.5,
00,000. The space so purchased was suitably decorated to make
it fit for such trade. They further invested Rs.1, 00,000 on
decoration. They had invested the above Rs.6, 00,000 by
borrowing Rs.3, 00,000 from State Bank and balance amount
was brought equally by Ram and Raj. 30th June, 2016. Annual
rate of Interest is 12%.
Bank Loan and interest repaid in the first year are as follows:
June 30, 2016
= (Rs15, 000+ Rs.9000 interest)
Sept. 30, 2016
= (Rs.15000+ Rs.8, 550 interest)
Dec. 31, 2016 = (Rs15000+ Rs8, 100 interest)
March 31, 2017 = (Rs15000+ Rs7, 650 interest)
They started business on 1" April 2016. Both the partners

Answer 1

Answer:

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