The capital accounts of Tisha and Divya showed credit balances of ₹ 10,00,000 and ₹ 7,50,000 respectively
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
