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From the following Balance Sheet of A and B, calculate interest on capital at 5% p.a. for the year ending 31st March, 2024:

Balance Sheet as at 31st March, 2024

Liabilities Assets

A’s Capital

B’s Capital

P and L Appropriation A/c (2023-24)

1,00,000

80,000

40,000

Fixed Assets

Current Assets

Drawings – B

1,40,000

60,000

20,000

  2,20,000   2,20,000

Profit during the year ended 31st March, 2024 was ₹ 70,000. A and B share profits in the ratio of 2 : 1. Drawings during the year ended 31st March, 2024 were A ₹ 16,000 and B ₹ 20,000.

[Ans. Interest on Capitals : A ₹ 4,800; B ₹ 3,500.]

Anurag Pathak Changed status to publish 2 days ago
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