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Question 77 Chapter 2 of Class 12 Part - 1
77. From the following balance sheet of Om and Som, calculate interest on capital @ 6% pa for the year ending 31st March, 2018:
Balance sheet
As at 31st March 2018.
| Liabilities | Rs. | Assets | Rs. |
| Creditors | 6,000 | Cash in Hand | 5,000 |
| Om’s Capital A/c | 15,000 | Debtors | 4,000 |
| Som’s Capital A/c | 9,000 | Furniture | 2,000 |
| Stock | 19,000 | ||
| 30,000 | 30,000 |
| Other information for the year 2017-18: | Om | Som |
| Drawings | 2,000 | 1,000 |
| Interest on drawings | 100 | 50 |
| Partner's salaries and firm earned a profit of Rs. 10,000 during the year. | 2,100 | 1,050 |
Statement showing calculation of opening capital
| Particulars | Om Rs. | Som Rs. |
|---|---|---|
| Partners’ Capital at the end of the year | 15,000 | 9,000 |
| Add: Partners’ Drawing during the year | 2,000 | 1,000 |
| Add: Interest on Dtrwaings | 100 | 50 |
| Less: Partners’ Salaries | (2,100) | (1,050) |
| Less: Partners’ Share of Profit | (5,000) | (5,000) |
| Partners’ Capitals in the beginning of the year | 10,000 | 4,000 |
Interest on Capitals:
Om = 10,000 ×6/100= Rs. 600
Som = 4,000 ×6/100 = Rs. 240
[Note : Divisible Profit Rs. 10,000 is shared equally ny the partners.]
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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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