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On march 31,2016after the close of …

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On march 31,2016after the close of accounts,the capitals of mountain,hill and rock stood in the books of the firm at 4,00,000; 3,00,000 and 2,00,000 respectively. Subsequently, it was discovered that the interest on capital @10%p.a. had been omitted . The profit for the year amounted to 1,50,000 and the partner's drawing had been mountain: 20,000; hill 15,000 and rock 10,000.calculate interest on capital.

Posted by Sam Ayalani 6 years, 7 months ago

CBSE > Class 12 > Accountancy

1 answers

Amandeep Kaur 6 years, 7 months ago

Prepare Partners capital A/c Dr. drawings of Mountain , hill and rock = 20,000 ,15,000 and 10,000. And Dr. the closing capital = 4,00,000 , 3,00,000 and 2,00,000. Cr. profit in the A/c of Mountain , hill , rock = 50,000 , 50,000 and 50,000 . Then the balance is the opening capital i.e 3,70,000 , 2,65,000 and 1,60,000. Now calculate interest on capital. Mountain = 3,70,000× 10/100 = 37,000 Hill = 2,65,000× 10/100 = 26,500 and Rock = 1,60,000×10/100 = 16,000

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