Vinod and Mohan are partners sharing profits and losses in the ratio of 4 : 3. From the following Balance sheet, Calculate interest on Capital @ 6% p.a
Vinod and Mohan are partners sharing profits and losses in the ratio of 4 : 3. From the following Balance sheet, Calculate interest on Capital @ 6% p.a. for the year ended 31st March, 2025:
During the year, Vinod’s drawings were ₹ 20,000 and Mohan’s drawings were ₹ 12,000. Profit during the year was ₹ 64,000.
[Ans. Opening Capitals: Vinod – ₹ 1,64,000; Mohan – ₹ 80,000; Interest on Capital: Vinod – ₹ 9,840; Mo
Balance Sheet as at 31st March, 2025
| Liabilities | ₹ | Assets | ₹ |
| Capital A/cs: Vinod Mohan | 1,60,000 80,000 | Sundry Assets | 2,76,000 |
| Profit & Loss Appropriation A/c (2025-25) | 36,000 | ||
| 2,76,000 | 2,76,000 |
Anurag Pathak Answered question 18 hours ago
