Calculate interest on the drawings of Mahesh @ 5% p.a. for the year ended 31st March 2023 in each of the following alternatives cases:
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A partner makes drawings of ₹ 2,500 per month. As per the Partnership Deed, interest is to be charged @ 6% p.a. What is the interest that would be charged to the partner if the drawings are made:
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Ram and Shyam are partners sharing profits equally. Ram drew regularly ₹ 4,000 at the end of every month starting from 31st October 2022 for six months ending 31st March
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Veeru and Jai are partners sharing profits equally. Veeru drew regularly ₹ 4,000 in the beginning of every month for six months ended 30th September
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Prem and Priya, two partners draw for their personal use ₹ 60,000 and ₹ 40,000 respectively. Interest is chargeable @ 6% p.a. on the drawings
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Raman and Pawan are partners sharing profits and losses in the ratio of 3 : 2. Raman being a non-working partner contributes ₹ 50,00,000 as capital
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Bala and Rajan are partners sharing profits in the ratio of 3 : 2 with capitals of ₹ 5,00,000 and ₹ 4,00,000 respectively. Pass the necessary Journal entry or entries and show the distribution of profit or loss for the year ended 31sst March 2023 by preparing relevant accounts in each of the following cases:
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Sumant and Rumant Contribute ₹ 8,00,000 and ₹ 4,00,000 respectively as capitals on which they agree to allow interest @ 6% p.a. They are to share profits in the ratio of 3 : 2. Net Profit for the year is ₹ 60,000.
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Calculate interest on Capital and on Current Accounts @ 5% p.a. from the following Balance Sheet as at 31st March 2023 of Anu and Bobby:
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Emm and Ell are partners having fixed capitals of ₹ 5,00,000 and ₹ 6,00,000 respectively. The opening balances in their current accounts were: Emm – ₹ 1,00,000 (Cr.) and Ell – ₹ 1,00,000 (Dr.)
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