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Question -

Raj and Neeraj are partners in a firm. Their capitals as on April 01, 2017 were ₹ 2, 50,000 and ₹ 1, 50,000, respectively. They share profits equally. On July 01, 2017, they decided that their capitals should be ₹ 1, 00,000 each. The necessary adjustment in the capitals were made by introducing or withdrawing cash by the partners’. Interest on capital is allowed @ 8% p.a. Compute interest on capital for both the partners for the year ending on March 31, 2018.



Answer -

Interest on Capital

Raj 

 

Capital × Period

Product

1 April 2017 to 30 June 2017

2,50,000 × 3 =

7,50,000

1 July 2017 to 31 March 2018

1,00,000 × 9 =

9,00,000

 

Sum of Product

16,50,000

 

Neeraj

  

Capital × Period

Product

1 April 2017 to 30 June 2017

1,50,000 × 3 =

4,50,000

1 July 2017 to 31 March 2018

1,00,000 × 9 =

9,00,000

 

Sum of Product

13,50,000

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