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Saloni and shrishti are partners in a firm. Their capital accounts as on April 1 2017 showed a balance of rupees 200000 and 300000 respectively. On July 1, 2017 Saloni introduced additional capital of 50000 and shristi 60000. On October 1 2017 Saloni withdrew 30000 rupees and on January 1 2018 shristi withdrew 15000 rupees from their capital. Interest is allowed @ of 8% per annum. Calculate the interest payable tu both the partners during the financial year 2017- 18.?
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Capital Accounts
- Saloni: April 1, 2017 - Rs. 200,000; July 1, 2017 - Additional capital of Rs. 50,000; October 1, 2017 - Withdrawal of Rs. 30,000
- Shrishti: April 1, 2017 - Rs. 300,000; July 1, 2017 - Additional capital of Rs. 60,000; January 1, 2018 - Withdrawal of Rs. 15,000
Calculation of Average Capital
To calculate the average capital, we need to consider the capital at the beginning of the year, additional capital introduced during the year, and withdrawals made during the year. We also need to consider the duration for which each amount was present in the capital account.
Saloni's Average Capital:
- April 1, 2017 to June 30, 2017 (3 months): Rs. 200,000
- July 1, 2017 to September 30, 2017 (3 months): Rs. (200,000 + 50,000) = Rs. 250,000
- October 1, 2017 to December 31, 2017 (3 months): Rs. (250,000 - 30,000) = Rs. 220,000
- January 1, 2018 to March 31, 2018 (3 months): Rs. (220,000 - 15,000) = Rs. 205,000
Shrishti's Average Capital:
- April 1, 2017 to June 30, 2017 (3 months): Rs. 300,000
- July 1, 2017 to September 30, 2017 (3 months): Rs. (300,000 + 60,000) = Rs. 360,000
- October 1, 2017 to December 31, 2017 (3 months): Rs. 360,000
- January 1, 2018 to March 31, 2018 (3 months): Rs. (360,000 - 15,000) = Rs. 345,000
Calculation of Interest Payable
To calculate the interest payable to each partner, we need to multiply their average capital by the interest rate and the duration for which the capital was present.
Interest Payable to Saloni:
- Average Capital: Rs. 205,000
- Duration: April 1, 2017 to March 31, 2018 (12 months)
- Interest: (205,000 * 8% * 12/12) = Rs. 16,400
Interest Payable to Shrishti:
- Average Capital: Rs. 345,000
- Duration: April 1, 2017 to March 31, 2018 (12 months)
- Interest: (345,000 * 8% * 12/12) = Rs. 27,600
Summary
- Saloni's interest payable: Rs. 16,400
- Shrishti's interest payable: Rs. 27,600
- Saloni: April 1, 2017 - Rs. 200,000; July 1, 2017 - Additional capital of Rs. 50,000; October 1, 2017 - Withdrawal of Rs. 30,000
- Shrishti: April 1, 2017 - Rs. 300,000; July 1, 2017 - Additional capital of Rs. 60,000; January 1, 2018 - Withdrawal of Rs. 15,000
Calculation of Average Capital
To calculate the average capital, we need to consider the capital at the beginning of the year, additional capital introduced during the year, and withdrawals made during the year. We also need to consider the duration for which each amount was present in the capital account.
Saloni's Average Capital:
- April 1, 2017 to June 30, 2017 (3 months): Rs. 200,000
- July 1, 2017 to September 30, 2017 (3 months): Rs. (200,000 + 50,000) = Rs. 250,000
- October 1, 2017 to December 31, 2017 (3 months): Rs. (250,000 - 30,000) = Rs. 220,000
- January 1, 2018 to March 31, 2018 (3 months): Rs. (220,000 - 15,000) = Rs. 205,000
Shrishti's Average Capital:
- April 1, 2017 to June 30, 2017 (3 months): Rs. 300,000
- July 1, 2017 to September 30, 2017 (3 months): Rs. (300,000 + 60,000) = Rs. 360,000
- October 1, 2017 to December 31, 2017 (3 months): Rs. 360,000
- January 1, 2018 to March 31, 2018 (3 months): Rs. (360,000 - 15,000) = Rs. 345,000
Calculation of Interest Payable
To calculate the interest payable to each partner, we need to multiply their average capital by the interest rate and the duration for which the capital was present.
Interest Payable to Saloni:
- Average Capital: Rs. 205,000
- Duration: April 1, 2017 to March 31, 2018 (12 months)
- Interest: (205,000 * 8% * 12/12) = Rs. 16,400
Interest Payable to Shrishti:
- Average Capital: Rs. 345,000
- Duration: April 1, 2017 to March 31, 2018 (12 months)
- Interest: (345,000 * 8% * 12/12) = Rs. 27,600
Summary
- Saloni's interest payable: Rs. 16,400
- Shrishti's interest payable: Rs. 27,600
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Saloni and shrishti are partners in a firm. Their capital accounts as on April 1 2017 showed a balance of rupees 200000 and 300000 respectively. On July 1, 2017 Saloni introduced additional capital of 50000 and shristi 60000. On October 1 2017 Saloni withdrew 30000 rupees and on January 1 2018 shristi withdrew 15000 rupees from their capital. Interest is allowed @ of 8% per annum. Calculate the interest payable tu both the partners during the financial year 2017- 18.?
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Saloni and shrishti are partners in a firm. Their capital accounts as on April 1 2017 showed a balance of rupees 200000 and 300000 respectively. On July 1, 2017 Saloni introduced additional capital of 50000 and shristi 60000. On October 1 2017 Saloni withdrew 30000 rupees and on January 1 2018 shristi withdrew 15000 rupees from their capital. Interest is allowed @ of 8% per annum. Calculate the interest payable tu both the partners during the financial year 2017- 18.? 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 partners in a firm. Their capital accounts as on April 1 2017 showed a balance of rupees 200000 and 300000 respectively. On July 1, 2017 Saloni introduced additional capital of 50000 and shristi 60000. On October 1 2017 Saloni withdrew 30000 rupees and on January 1 2018 shristi withdrew 15000 rupees from their capital. Interest is allowed @ of 8% per annum. Calculate the interest payable tu both the partners during the financial year 2017- 18.? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Saloni and shrishti are partners in a firm. Their capital accounts as on April 1 2017 showed a balance of rupees 200000 and 300000 respectively. On July 1, 2017 Saloni introduced additional capital of 50000 and shristi 60000. On October 1 2017 Saloni withdrew 30000 rupees and on January 1 2018 shristi withdrew 15000 rupees from their capital. Interest is allowed @ of 8% per annum. Calculate the interest payable tu both the partners during the financial year 2017- 18.?.
Saloni and shrishti are partners in a firm. Their capital accounts as on April 1 2017 showed a balance of rupees 200000 and 300000 respectively. On July 1, 2017 Saloni introduced additional capital of 50000 and shristi 60000. On October 1 2017 Saloni withdrew 30000 rupees and on January 1 2018 shristi withdrew 15000 rupees from their capital. Interest is allowed @ of 8% per annum. Calculate the interest payable tu both the partners during the financial year 2017- 18.? 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 partners in a firm. Their capital accounts as on April 1 2017 showed a balance of rupees 200000 and 300000 respectively. On July 1, 2017 Saloni introduced additional capital of 50000 and shristi 60000. On October 1 2017 Saloni withdrew 30000 rupees and on January 1 2018 shristi withdrew 15000 rupees from their capital. Interest is allowed @ of 8% per annum. Calculate the interest payable tu both the partners during the financial year 2017- 18.? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Saloni and shrishti are partners in a firm. Their capital accounts as on April 1 2017 showed a balance of rupees 200000 and 300000 respectively. On July 1, 2017 Saloni introduced additional capital of 50000 and shristi 60000. On October 1 2017 Saloni withdrew 30000 rupees and on January 1 2018 shristi withdrew 15000 rupees from their capital. Interest is allowed @ of 8% per annum. Calculate the interest payable tu both the partners during the financial year 2017- 18.?.
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Saloni and shrishti are partners in a firm. Their capital accounts as on April 1 2017 showed a balance of rupees 200000 and 300000 respectively. On July 1, 2017 Saloni introduced additional capital of 50000 and shristi 60000. On October 1 2017 Saloni withdrew 30000 rupees and on January 1 2018 shristi withdrew 15000 rupees from their capital. Interest is allowed @ of 8% per annum. Calculate the interest payable tu both the partners during the financial year 2017- 18.?, a detailed solution for Saloni and shrishti are partners in a firm. Their capital accounts as on April 1 2017 showed a balance of rupees 200000 and 300000 respectively. On July 1, 2017 Saloni introduced additional capital of 50000 and shristi 60000. On October 1 2017 Saloni withdrew 30000 rupees and on January 1 2018 shristi withdrew 15000 rupees from their capital. Interest is allowed @ of 8% per annum. Calculate the interest payable tu both the partners during the financial year 2017- 18.? has been provided alongside types of Saloni and shrishti are partners in a firm. Their capital accounts as on April 1 2017 showed a balance of rupees 200000 and 300000 respectively. On July 1, 2017 Saloni introduced additional capital of 50000 and shristi 60000. On October 1 2017 Saloni withdrew 30000 rupees and on January 1 2018 shristi withdrew 15000 rupees from their capital. Interest is allowed @ of 8% per annum. Calculate the interest payable tu both the partners during the financial year 2017- 18.? theory, EduRev gives you an
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