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Question 49 Chapter 6 of +2-Part-1
49. (Deceased Partner's Interest on Capital) A , B and C are partners sharing profits in the ratio of 4 :3: 2. According to the partnership agreement partners are entitled to receive interest on capital @ 12% pa. C dies, His capital as on January 1, 2019 was Rs. 36,000 calculate interest on capital allowed to C if he dies on :
(a) Jan 31, 2019,
(b) March 31, 2019
(c) March 14, 2019
Interest is calculated as follow s:
Amount X Rate X Time
| (a) | = | Rs. 36,000 | x | 12 | x | 1 |
| 100 | 12 | |||||
| = | Rs 360 |
| (b) | = | Rs. 36,000 | x | 12 | x | 3 |
| 100 | 12 | |||||
| = | Rs 1,080 |
| (c) | = | Rs. 36,000 | x | 12 | x | 73 |
| 100 | 365 | |||||
| = | Rs 864 |
No. of days in case (c) calculates as follows
| Days | |
|---|---|
| January | 31 |
| February | 28 |
| March | 14 |
| Total | 73 |
Comment if you have any questions.
Accounting & Commerce Educator
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.
This guide covers "Question 49 Chapter 6 of +2 Part-1 - USHA Publication 12 Class Part - 1", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to USHA Publication +2 Part 1.
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