Question 60 Chapter 2 of +2-Part-1
60. (Capital ratio/ interest on capital) X and Y commenced business on 1st Jan.2014 with capitals of Rs2,00,000 and Rs.1,00,000 respectively. They decided to share profits in their capital ratio. You are required to calculate the capital ratio on the basis of the following information:
| Capital Introduced | Capital Withdrawn | |||
| X | Y | X | Y | |
| 31st March 2014 | – | 20,000 | 10,000 | – |
| 30th June 2014 | 40,000 | – | – | 10,000 |
| 30th September 2014 | – | 30,000 | 20,000 | – |
| 1st Nov 2014 | – | 10,000 | 30,000 | – |
| 1st Dec 2014 | 20,000 | – | – | 20,000 |
Also, calculate interest on capital if it is 12% p.a.
The solution of Question 60 Chapter 2 of +2 Part-1: –
| Calculation of Capital ratio: |
|||
| X | |||
| Date |
Capital (A) |
Months (B) |
Product (C=A*B) |
| 1-1-14 | 2,00,000 | 3 | 6,00,000 |
| 31-3-14 | 1,90,000 | 3 | 5,70,000 |
| 30-6-14 | 230000 | 3 | 6,90,000 |
| 30-9-14 | 210000 | 1 | 2,10,000 |
| 1-11-14 | 180000 | 1 | 1,80,000 |
| 1-12-14 | 200000 | 1 | 2,00,000 |
| 24,50,000 | |||
| Calculation of Capital ratio: |
|||
| Y | |||
| Date |
Capital (A) |
Months (B) |
Product (C=A*B) |
| 1-1-14 | 1,00,000 | 3 | 3,00,000 |
| 31-3-14 | 1,20,000 | 3 | 3,60,000 |
| 30-6-14 | 1,10,000 | 3 | 3,30,000 |
| 30-9-14 | 1,40,000 | 1 | 1,40,000 |
| 1-11-14 | 1,50,000 | 1 | 1,50,000 |
| 1-12-14 | 1,30,000 | 1 | 1,30,000 |
| 14,10,000 | |||
Capital ratio : 24,50,000: 14,10,000 or 245:141
Working Note: –
1. Interest on capital:
| X | = | 24,50,000 | X | 12 | X | 1 |
| 100 | 12 | |||||
| = | 24,500/- | |||||
| Y | = | 14,10,000 | X | 12 | X | 1 |
| 100 | 12 | |||||
| = | 14,100/- | |||||
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Chapter No. 1 – Accounting Not-for-Profit Organisations (Deleted from the Syllabus)
Chapter No. 2 – Partnership Accounts – I (Introduction)
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Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
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