From the following Balance Sheet of Sujata and Swati, Calculate interest on capital @ 5% p.a. for the year ended 31st March 2023:
From the following Balance Sheet of Sujata and Swati, Calculate interest on capital @ 5% p.a. for the year ended 31st March 2023:
| Liabilities | ₹ | Assets | ₹ |
| Sujata’s Capital
Swati’s Capital Workmen Compensation Reserve |
9,000 8,000 4,000 |
Sundry Assets
|
21,000
|
| 21,000 | 21,000 |
During the year, drawings of Sujata and Swati were ₹ 1,000 and ₹ 3,000 respectively. Profit during the year was ₹ 6,000.
Workmen Compensation Reserve was set aside during the year ended 31st March 2023.
Anurag Pathak Changed status to publish April 14, 2023
