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On 31 march 2016 after the …

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On 31 march 2016 after the close of accounts the capitals of Mountain,Hill and Rock stood in the books of firm at 400000,300000,200000 respectively. Subsequently it was discovered that interest on capital@10% p.a. had been omitted. The profit for the year amounted to 150000 and the partner's drawings had been Mountain 20000 Hill 15000 and Rock 10000 .. Calculate interest on capital

Posted by Payal Khatter 5 years, 8 months ago

CBSE > Class 12 > Accountancy

1 answers

Ranbir Sharma Ranbir Sharma 5 years, 8 months ago

intrest charge on opening capital Not on closing capital. M. H. R. 400000:300000:200000 -50000,50000,50000 profit +20000,15000,10000 drawing =370000×10/100=37000 M.int.on capital 265000×10/100=26500 H. 60000×10/100=16000 R.

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