Anand and Biswas are partners in a firm. Their Capital Accounts as on April 1, 2015 showed
balance of 2,00,000 and 3,00,000 r

Question

Anand and Biswas are partners in a firm. Their Capital Accounts as on April 1, 2015 showed
balance of 2,00,000 and 3,00,000 respectively. On July 1, 2015, Anand introduced additiona
capital of 50,000 and Biswas 60,000. On October 1, 2015 Anand withdrew 30,000 and on
January 1, 2016 Biswas withdrew * 15,000 from their capitals. Interest is allowed @ 8% per
annum. Calculate interest payable on capital to both the partners during the financial year 2015-16
[Ans. Interest on Capital : Anand 17,800 ; Biswas 27,300)​

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Eden 3 months 2021-07-17T13:00:47+00:00 1 Answers 0 views 0

Answers ( )

    0
    2021-07-17T13:02:30+00:00

    ANSWER :

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    • ❖ The amount of Interest payble in capital of Anand @8% p.a. is Rs. 17,800 and amount of Interest payable on capital of Biswas @8% p.a. is Rs. 27,300.

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    SOLUTION :

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    Given :-

    • Capital of Anand as on April 1, 2015 = Rs. 2,00,000
    • Capital of Biswas as on April 1, 2015 = Rs. 3,00,000
    • Capital introduced by Anand on July 1, 2015 = Rs. 50,000
    • Capital introduced by Biswas on July 1, 2015 = Rs. 60,000
    • Amount withdrawn by Anand on October 1, 2015 = Rs. 30,000
    • Amount withdrawn by Biswas on January 1, 2016 = Rs. 15,000
    • Rate of Interest on Capital = 8% p.a.

    To Calculate :-

    • Interest payable on Capital to Anand during the year 2015 – 2016 = ?
    • Interest payble on Capital to Biswas during the year 2015 – 2016 = ?

    Required Formula :-

    • Interest on Capital in given rate of interest for a specific period of time is calculated under the following formula :

    \dag \:  \:  \underline{ \boxed{ \bold{ \: Interest  \:  \: on \:   \: Capital = Amount\:  \: of \:  \:  Capital  \times Rate  \:  \: of \:  \:  Interest  \times Time  \: }}}

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    Calculation of Interest payable on Capital to Anand during the year 2015 – 2016 :-

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    Here,

    • Capital of Anand as on April 1, 2015 = Rs. 2,00,000
    • Rate of Interest on Capital = 8% p.a.
    • Time = 3 months (From April 1 to June 30)

    Using the formula of Interest on Capital, we get,

    • Interest on Capital = Amount of Capital × Rate of Interest × Time

    ⇒ Interest on Capital = Rs. 2,00,000 × 8% × 3 months

    ⇒ Interest on Capital = Rs. 2,00,000 × \sf{\dfrac{8}{100}} × \sf{\dfrac{3}{12}}

    Interest on Capital = Rs. 4,000

    Again,

    • Capital introduced as additional capital by Anand on July 1, 2015 = Rs. 50,000

    ∴ Total Capital = Rs. 2,00,000 + Rs. 50,000

    ➨ Total Capital = Rs. 2,50,000

    • Rate of Interest on Capital = 8% p.a.
    • Time = 3 months ( From July 1 to September 30)

    Using the formula of Interest on Capital, we get,

    • Interest on Capital = Amount of Capital × Rate of Interest × Time

    ⇒ Interest on Capital = Rs. 2,50,000 × 8% × 3 months

    ⇒ Interest on Capital = Rs. 2,50,000 × \sf{\dfrac{8}{100}} × \sf{\dfrac{3}{12}}

    Interest on Capital = Rs. 5,000

    And,

    • Amount withdrawn from Capital by Anand on October 1, 2015 = Rs. 30,000

    ∴ Remaining Capital = Rs. 2,50,000 – Rs. 30,000

    ➨ Remaining Capital = Rs. 2,20,000

    • Rate of Interest on Capital = 8% p.a.
    • Time = 6 months (From October 1 to March 31)

    Using the formula of Interest on Capital, we get,

    • Interest on Capital = Amount of Capital × Rate of Interest × Time

    ⇒ Interest on Capital = Rs. 2,20,000 × 8% × 6 months

    ⇒ Interest on Capital = Rs. 2,20,000 × \sf{\dfrac{8}{100}} × \sf{\dfrac{6}{12}}

    Interest on Capital = Rs. 8,800

    Now,

    • ✪ Total Interest on Capital of Anand = Rs. 4,000 + Rs. 5,000 + Rs. 8,800

    Total Interest on Capital of Anand = Rs. 17,800

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    Calculation of Interest payable on Capital to Biswas during the year 2015 – 2016 :-

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    Here,

    • Capital of Biswas as on April 1, 2015 = Rs. 3,00,000
    • Rate of Interest on Capital = 8% p.a.
    • Time = 3 months (From April 1 to June 30)

    Using the formula of Interest on Capital, we get,

    • Interest on Capital = Amount of Capital × Rate of Interest × Time

    ⇒ Interest on Capital = Rs. 3,00,000 × 8% × 3 months

    ⇒ Interest on Capital = Rs. 3,00,000 × \sf{\dfrac{8}{100}} × \sf{\dfrac{3}{12}}

    Interest on Capital = Rs. 6,000

    Again,

    • Capital introduced as additional capital by Biswas on July 1, 2015 = Rs. 60,000

    ∴ Total Capital = Rs. 3,00,000 + Rs. 60,000

    ➨ Total Capital = Rs. 3,60,000

    • Rate of Interest on Capital = 8% p.a.
    • Time = 6 months ( From July 1 to December 31)

    Using the formula of Interest on Capital, we get,

    • Interest on Capital = Amount of Capital × Rate of Interest × Time

    ⇒ Interest on Capital = Rs. 3,60,000 × 8% × 6 months

    ⇒ Interest on Capital = Rs. 3,60,000 × \sf{\dfrac{8}{100}} × \sf{\dfrac{6}{12}}

    Interest on Capital = Rs. 14,400

    And,

    • Amount withdrawn from Capital by Biswas on January 1, 2016 = Rs. 15,000

    ∴ Remaining Capital = Rs. 3,60,000 – Rs. 15,000

    ➨ Remaining Capital = Rs. 3,45,000

    • Rate of Interest on Capital = 8% p.a.
    • Time = 3 months (From January 1 to March 31)

    Using the formula of Interest on Capital, we get,

    • Interest on Capital = Amount of Capital × Rate of Interest × Time

    ⇒ Interest on Capital = Rs. 3,45,000 × 8% × 3 months

    ⇒ Interest on Capital = Rs. 3,45,000 × \sf{\dfrac{8}{100}} × \sf{\dfrac{3}{12}}

    Interest on Capital = Rs. 6,900

    Now,

    • ✪ Total Interest on Capital of Biswas = Rs. 6,000 + Rs. 14,400 + Rs. 6,900

    Total Interest on Capital of Anand = Rs. 27,300

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