Zee and Vee are partners in a firm. Their capital accounts showed the balance on 1stApril, 2017 as Rs.20,000 and Rs.15,000 respectively. During the year 2017-18, Zee introduced additional capital of Rs.10,000 on August 1, 2017 and Vee introduced Rs.15,000 on 1stOctober, 2017. Interest on Capital is allowed @ 6% p.a. CalculateZee‟s interest on capital.
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Explanation:
Calculation of zee intrest on capital
Zee capital = 20,000
intrest on capital = 20,000×6/100×12/12
= 1200
Zee introduce additional capital on August 1 2017
Rs 10,000
Intrest on additional capital=10,000×6/100×8/12
= 400
Total intrest on capital = 1200+400 = 1600
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