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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Amit and Bramit started business on 1st April, 2024 with capitals of ₹15,00,000 and ₹9,00,000 respectively. On 1st October, 2024, they decided that their capitals should be ₹12,00,000 each. The necessary adjustments in capitals were made by introducing or withdrawing capital by cheque. Interest on capital is allowed @ 8% p.a. Compute the interest on capital for the year ended 31st March, 2025.
Interest on Capital @ 8% p.a.
| Period | Amit (₹) | Bramit (₹) |
|---|---|---|
| 1st April to 30th Sept, 2024 (6 months) | 15,00,000 × 8% × 6/12 = 60,000 | 9,00,000 × 8% × 6/12 = 36,000 |
| 1st Oct, 2024 to 31st March, 2025 (6 months) | 12,00,000 × 8% × 6/12 = 48,000 | 12,00,000 × 8% × 6/12 = 48,000 |
| Total Interest on Capital | 1,08,000 | 84,000 |
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 "T.S. Grewal Class 12 Chapter 1 Q.30 - Accounting for Partnership Firm Fundamentals", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Chapter 1 - Accounting for Partnership Firm – Fundamentals.
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
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