The capital accounts of A, B and C showed credit balances of ₹ 5,00,000, ₹ 3,00,000 and ₹ 2,00,000 respectively, after taking into account drawings and net profit of ₹ 3,00,000
The capital accounts of A, B and C showed credit balances of ₹ 5,00,000, ₹ 3,00,000 and ₹ 2,00,000 respectively, after taking into account drawings and net profit of ₹ 3,00,000. They shares profits in the ratio of 2 : 1 : 1. The drawings of the partners during the year 2023-24 were:
(i) A withdrew ₹ 10,000 at the beginning of each half year.
(ii) B withdrew ₹ 10,000 at the end of each half year.
(iii) C’s Drawings were:
Calculate interest on partner’s capital @ 8% p.a. and interest on partner’s drawings @ 10% p.a. for the year ended 31st March, 2024.
[Ans. Interest on Capitals A ₹ 29,600; B ₹ 19,600 and C ₹ 11,600. Interest on Drawings A ₹ 1,500; B ₹ 500 and C ₹ 900.]
| 1st May, 2023 | 6,000 |
| 1st October, 2023 | 5,000 |
| 31st Dec, 2023 | 4,000 |
| 31st March, 2024 | 5,000 |
Anurag Pathak Answered question May 29, 2024
