Advertisements
Advertisements
प्रश्न
Mani is a partner, who withdrew ₹ 30,000 on 1st September, 2018. Interest on drawings is charged at 6% per annum. Calculate interest on drawings on 31st December, 2018 and show the journal entries by assuming that fluctuating capital method is followed.
उत्तर
Interest on drawings = `"Amount withdrawn" xx "Rate"/100 xx "Period of interest"`
= `30,000 xx 6/100 xx 4/12`
Interest on drawings = ₹ 600
| Journal Entries | ||||
| Date | Particulars | L.F. | Debit | Credit |
| 31.12.2018 | Mani's capital A/c ...Dr. | 600 | - | |
| To Interest on Drawings A/c | - | 600 | ||
| (Interest on drawings charged) | ||||
| 31.12.2018 | Interest on Drawings A/c ...Dr. | 600 | - | |
| To Profit and Loss Appropriation A/c | - | 600 | ||
| (Interest on drawings A/c closed) | ||||
APPEARS IN
संबंधित प्रश्न
In the absence of an agreement among the partners, interest on capital is ___________.
Prakash and Supria were partners who share profits and losses in the ratio of 5 : 3. Balance in their capital account on 1st April, 2018 was Prakash ₹ 3,00,000 and Supria ₹ 2,00,000. On 1st July, 2018 Prakash introduced additional capital of ₹ 60,000. Supria introduced additional capital of ₹ 30,000 during the year. Calculate interest on capital at 6% p.a. for the year ending 31st March, 2019 and show the journal entries.
From the following balance sheets of Subha and Sudha who share profits and losses in 2 : 3, calculate interest on capital at 5% p.a. for the year ending 31st December, 2018.
Balance sheet as on 31st December, 2018
| Liabilities | ₹ | ₹ | Assets | ₹ |
| Capital accounts: | Fixed assets | 70,000 | ||
| Subha | 40,000 | Current assets | 50,000 | |
| Sudha | 60,000 | 1,00,000 | ||
| Current liabilities | 20,000 | |||
| 1,20,000 | 1,20,000 |
Drawings of Subha and Sudha during the year were ₹ 8,000 and ₹ 10,000 respectively. Profit earned during the year was ₹ 30,000.
Ahamad and Basheer contribute ₹ 60,000 and ₹ 40,000 respectively as capital. Their respective share of profit is 2 : 1 and the profit before interest on capital for the year is ₹ 5,000. Compute the amount of interest on capital in each of the following situations:
- if the partnership deed is silent as to the interest on capital
- if interest on capital @ 4% is allowed as per the partnership deed
- if the partnership deed allows interest on capital @ 6% per annum.
Santhosh is a partner in a partnership firm. As per the partnership deed, interest on drawings is charged at 6% per annum. During the year ended 31st December, 2018 he withdrew as follows:
| Date | ₹ |
| February 1 | 2,000 |
| May 1 | 10,000 |
| July 1 | 4,000 |
| October 1 | 6,000 |
Calculate the amount of interest on drawings.
Kavitha is a partner in a firm. She withdraws ₹ 2,500 p.m. regularly. Interest on drawings is charged @ 4% p.a. Calculate the interest on drawings using average period, if she draws
- at the beginning of every month
- in the middle of every month
- at the end of every month
Ram and Shyam were partners. Ram withdrew ₹ 18,000 at the beginning of each half year. Interest on drawings is chargeable @ 10% p.a. Calculate interest on the drawings for the year ending 31st December 2018 using the average period.
Mani is a partner, who withdrew ₹ 30,000 on 1st September 2018. Interest on drawings is charged at 6% per annum. Calculate interest on drawings on 31st December 2018 and show the journal entries by assuming that fluctuating capital method is followed.
Mani is a partner, who withdrew ₹30,000 on 1st September, 2018. Interest on drawings is charged at 6% per annum. Calculate interest on drawings on 31st December, 2018 and show the journal entries by assuming that fluctuating capital method is followed.
Mani is a partner, who withdrew ₹ 30,000 on 1st September, 2018. Interest on drawings is charged at 6% per annum. Calculate interest on drawings on 31st December, 2018 and show the journal entries by assuming that fluctuating capital method is followed.
