Question

the capital accounts of Alka and Archana short credit balance of rupees for 4,00,000 and 3,00,000 respectively after taking into account drawings and net profit of rupees 2,00,000 the drawings of the partner during the year 2018 -19 were.

1) Alka withdrew 10,000 at the end of each quarter.

2) Archana's drawing were:

Particulars RS.

31 stMay,2018 =8,000

1 Nov,2018 = 7,000

1 feb,2019 =5,000

calculate interest on partners capital of 10% per annum and interest on partners drawing at 6% per annum for the year ended 31st march 2019.​

Answer 1

interest on drawings

alka : 10,000×4=40000

40000×4.5/12×6/100 = 900

archana:31may 8000×6/100×10/12=400

1Nov. 7000×6/100×5/12=175

1feb. 5000×6/100×2/12=50

625

interest on capital

alka : 400000×10/100=40000

archana: 300000×10/100= 30000

Answer 2

Answer :

•) Alka - ₹34,000

•) Archana - ₹22,000