Question 10 Chapter 2 – Unimax Class 12 Part 1 – 2021

Question 10Chapter 2 - Unimax Class 12 Part 1 - 2021

Question 10 Chapter 2 – Unimax Class 12 Part 1

10. A and B started business on 1st January, 2021 with capital of Rs. 60000 and Rs. 40000 respectively. A introduced Rs. 10000 as additional capital on 1st July, 2021. They withdrew Rs. 500 per month for household expenses in lieu of profits. Interest on capitals is to be allowed @ 10% per annum. Calculate the interest on capital payable to A and B for year ended 31st December, 2021.

The solution of Question 10 Chapter 2 – Unimax Class 12 Part 1: 

Calculation of Interest on capital

(1)Interest on A’s Capital Rs.
Interest on A’s Capital 6000
Interest on A’s Additional Capital 500
Rs. 10000 x 10% x 6/12 (for six Months) 6500
(2) Interest on B’s Capital  
Rs. 40000 x 10% (for one year) 4000

https://tutorstips.com/not-for-profit-organisations/

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

Leave a Reply

Your email address will not be published. Required fields are marked *