Question 11 Chapter 2 – Unimax Class 12 Part 1
11. X and Y are partners and they had Rs. 40000 and Rs. 60000 in their respective capital accounts as on 1st January, 2021. X paid in further Rs. 5000 on 1st August, 2021 and another Rs. 5000 on 15th November, 2021. Compute the interest on Capital to be allowed to X assuming the rate of interest to be 6% per annum.
The solution of Question 11 Chapter 2 – Unimax Class 12 Part 1:
|Calculation of Interest on capital of X||Rs.|
|On Rs. 40,000 for one year @ 6% p.a.||2400|
|On Rs. 5,000 for 5 months @ 6% p.a.||125|
|On Rs. 5,000 for 1 months and 15 days @ 6% p.a.||37.5|
|Interest on X’s Capital||2,562.50|
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