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The capital accounts of Tisha and Divya showed credit balances of ₹ 10,00,000 and ₹ 7,50,000 respectively after taking into account drawings and net profit of ₹ 5,00,000. The drawings of the partners during the year ended 31st March 2024 were:

i) Tisha withdrew ₹ 25,000 at the end of each quarter

(ii) Divya’s drawings were:

31st May 2023 ₹ 20,000
1st November 2023 ₹ 17,500
1st February 2024 ₹ 12,500

Calculate interest on partner’s Capitals @ 10% p.a. and interest on partner’s drawings @ 6% p.a. for the year ended 31st March 2024.

Ans:-

  Tisha (₹) Divya (₹)
Opening Capital 8,50,000 5,50,000
Interest on Capital 85,000 55,000
Interest on Drawings 2,250 1563
Anurag Pathak Changed status to publish March 30, 2024
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