Home › CBSE Class 12 (Commerce) › Accountancy › Accounting for Partnership Firms: Fundamentals › Capital Rs. 2,00,000 on April 1; extra Rs. 1,00,…
Capital Rs. 2,00,000 on April 1; extra Rs. 1,00,000 added August 1. Interest at 6 per cent for the year to March 31?
ARs. 16,000
BRs. 18,000
CRs. 12,000
DRs. 20,000
Answer & Solution
Correct answer: A. Rs. 16,000
Rs. 2,00,000 x 6% = 12,000 plus Rs. 1,00,000 x 6% x 8/12 = 4,000, giving Rs. 16,000.
Related questions
In a sole proprietorship, where does net profit go?If the deed is silent, how are losses shared?Interest on capital is allowed on capital for what period?Where do partners' capital accounts appear in the balance sheet?A partner's capital account is fixed. Where is his share of profit credited?Rs. 9,000 of omitted interest on capital is shared equally by two partners. Each is chargeInterest on capital was omitted: Rameez Rs. 3,000, Zaheer Rs. 6,000, profits equal. Net adWhat is a past adjustment in partnership accounts?