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Question 46 Chapter 2 of Class 12 Part - 1
46. A and B are partners sharing profit or loss in the ratio of 3:2 having capital balances of Rs. 50,000 and Rs. 40,000 on 1st April, 2017. On 1st July, 2017, A introduced Rs. 10,000 as his additional capital whereas B introduced only Rs. 1,000. If the interest on capital is allowed to partners @ 10% pa. Calculate the interest on capital if the financial year closes on 31st March.
Interest on Capital to A = (50,000 x10% + (10,000 x 10% x9/12) = 5,000 + 750 = Rs. 5,750.
Interest on Capital to B = (40,000 x10%) + (1,000 x 10% x9/12) = 4,000 + 75 = Rs. 4,075.
Alternate Solution:
Interest on Capital to A =(50,000 ×10/100×3/12)+(60,000 x ×10/100×9/12)) = 1,250+4,500 = Rs. 5,750
Interest on Capital to B =(40,000 ×10/100×3/12)+(41,000 x ×10/100×9/12)) = 1,000+3,075 = Rs. 4,075.
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Also, Check out the solved question of all Chapters: -
Chapter No. 1 - Accounting Not for Profit Organisations
Chapter No. 2 - Partnership Accounts - I (Introduction)
Chapter No. 3 - Partnership Accounts - II (Goodwill: Nature and Valuation)
Chapter No. 4 - Partnership Accounts - III (Reconstitution of Partnership)
Chapter No. 5 - Partnership Accounts - IV (Admission of A Partner)
Chapter No. 6 - Partnership Accounts - V (Retirement and Death of A Partner)
Chapter No. 7 - Partnership Accounts - VI (Dissolution of Partnership Firm)
Chapter No. 8 - Company Accounts (Share Capital)
Chapter No. 9 - Company Accounts (Issue of Debentures)
Chapter No. 10 - Company Accounts (Redemption of Debentures)
Chapter No. 1 - Financial Statements of a Company
Chapter No. 2 - Financial Statement Analysis
Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
Chapter No. 4 - Ratio Analysis
Chapter No. 5 - Cash Flow Statement
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Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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