From the following information, calculate interest on Capital of C, a partner for the year ended 31st March, 2022.C's Capital on 31/3/2022: Rs. 12,00, - Accountancy MCQ CUET Accountancy 2022 20 Aug Shift 2 2026 | ExamTest.live

hardMCQCUET Accountancy 2022 20 Aug Shift 22026Accountancy

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From the following information, calculate interest on Capital of C, a partner for the year ended 31st March, 2022.C's Capital on 31/3/2022: Rs. 12, 00, 000 Profit credited to C for the year ended 31/3/2022: Rs. 3, 00, 000 Drawings made during the year: Rs. 1, 00, 000 Additional Capital introduced on 1/10/21: Rs. 5, 00, 000 Rate of Interest = 12% p.a.

Solution & Step-by-step Explanation

Calculation of Opening Capital: Closing Capital = 12, 00, 000 Add: Drawings = 1, 00, 000 Less: Profit = (3, 00, 000) Less: Additional Capital = (5, 00, 000) Opening Capital (on 1/4/21) = Rs. 5, 00, 000 Interest on Capital:On Opening Capital = 5, 00, 000 \times 12% = 60, 000 On Additional Capital (for 6 months from Oct 1) = 5, 00, 000 \times 12% \times \frac{6}{12} = 30, 000 Total Interest = 60, 000 + 30, 000 = Rs. 90, 000

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From the following information, calculate interest on Capital of C, a partner for the year ended 31st March, 2022.C's Capital on 31/3/2022: Rs. 12, 00, 000 Profit credited to C for the year ended 31/3/2022: Rs. 3, 00, 000 Drawings made during the year: Rs. 1, 00, 000 Additional Capital introduced on 1/10/21: Rs. 5, 00, 000 Rate of Interest = 12% p.a.

Rs. 60, 000

Rs. 1, 44, 000

Rs. 90, 000

Rs. 1, 20, 000

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