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Saloni and shrishti are partner in firm their capital accounts as on April 1,2014 showed a balance of 200000 and 300000 respectively. on July 1,2014 saloni introduced additional capital of 50000 and shrishti 60000 .on October 1,2014 saloni withdrew 30000 and on January1,2015 shrishti withdrew 15000 from their capital interest is allowed @ 8 percent p.a. calculate interest playable on capital to both the partners during financial year 2014-15 .?
Most Upvoted Answer
Saloni and shrishti are partner in firm their capital accounts as on A...
Calculation of Interest Payable on Capital to Both Partners

Capital Accounts as on April 1, 2014:

- Saloni: 200000
- Shrishti: 300000

Additional Capital Introduced on July 1, 2014:

- Saloni: 50000
- Shrishti: 60000

Withdrawals:

- Saloni: 30000 on October 1, 2014
- Shrishti: 15000 on January 1, 2015

Interest Rate: 8% p.a.

Step 1: Calculate the Average Capital

Average Capital = (Opening Capital + Closing Capital) / 2

- For Saloni: (200000 + 50000 - 30000) / 2 = 135000
- For Shrishti: (300000 + 60000 - 15000) / 2 = 167500

Step 2: Calculate Interest on Capital

Interest on Capital = Average Capital * Interest Rate

- For Saloni: 135000 * 8% = 10800
- For Shrishti: 167500 * 8% = 13400

Step 3: Allocate Interest on Capital to Partners

- Saloni's share of interest = (Saloni's Capital / Total Capital) * Interest on Capital
= (135000 / 302500) * 24200 = 10800
- Shrishti's share of interest = (Shrishti's Capital / Total Capital) * Interest on Capital
= (167500 / 302500) * 24200 = 13400

Therefore, the interest payable on capital to Saloni and Shrishti during the financial year 2014-15 is Rs. 10,800 and Rs. 13,400 respectively.
Community Answer
Saloni and shrishti are partner in firm their capital accounts as on A...
First calcute on balance capital before withdrawal then calculate on capital after withdrawl then add both amount then you will get interest
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Saloni and shrishti are partner in firm their capital accounts as on April 1,2014 showed a balance of 200000 and 300000 respectively. on July 1,2014 saloni introduced additional capital of 50000 and shrishti 60000 .on October 1,2014 saloni withdrew 30000 and on January1,2015 shrishti withdrew 15000 from their capital interest is allowed @ 8 percent p.a. calculate interest playable on capital to both the partners during financial year 2014-15 .?
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Saloni and shrishti are partner in firm their capital accounts as on April 1,2014 showed a balance of 200000 and 300000 respectively. on July 1,2014 saloni introduced additional capital of 50000 and shrishti 60000 .on October 1,2014 saloni withdrew 30000 and on January1,2015 shrishti withdrew 15000 from their capital interest is allowed @ 8 percent p.a. calculate interest playable on capital to both the partners during financial year 2014-15 .? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Saloni and shrishti are partner in firm their capital accounts as on April 1,2014 showed a balance of 200000 and 300000 respectively. on July 1,2014 saloni introduced additional capital of 50000 and shrishti 60000 .on October 1,2014 saloni withdrew 30000 and on January1,2015 shrishti withdrew 15000 from their capital interest is allowed @ 8 percent p.a. calculate interest playable on capital to both the partners during financial year 2014-15 .? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Saloni and shrishti are partner in firm their capital accounts as on April 1,2014 showed a balance of 200000 and 300000 respectively. on July 1,2014 saloni introduced additional capital of 50000 and shrishti 60000 .on October 1,2014 saloni withdrew 30000 and on January1,2015 shrishti withdrew 15000 from their capital interest is allowed @ 8 percent p.a. calculate interest playable on capital to both the partners during financial year 2014-15 .?.
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