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In a partnership firm in the beginning of the year the capital of one partner is Rs 80 000.During tge year he introduced Rs 7 000 as additional capital and withdraws Rs 2 000 in the middle of every month.The firm doesnot pay any interest on capital but charges 6% interest on drawings.His share of profit after interest on drawings is Rs 20 000.At the end of the year his capital in the firm would be?
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In a partnership firm in the beginning of the year the capital of one ...
Calculation of Partner's Capital in the Firm

Initial Capital:
- Partner's initial capital = Rs 80,000

Additional Capital:
- Partner introduced additional capital = Rs 7,000

Withdrawals:
- Partner withdraws Rs 2,000 in the middle of every month
- Total withdrawals in a year = Rs 2,000 x 12 = Rs 24,000

Interest on Drawings:
- The firm charges 6% interest on drawings
- Interest on drawings = 6% of Rs 24,000 = Rs 1,440

Share of Profit:
- Partner's share of profit after interest on drawings = Rs 20,000

Calculation of Partner's Capital:
- Partner's capital at the end of the year = Initial Capital + Additional Capital - Total Withdrawals + Share of Profit - Interest on Drawings
- Partner's capital at the end of the year = Rs 80,000 + Rs 7,000 - Rs 24,000 + Rs 20,000 - Rs 1,440
- Partner's capital at the end of the year = Rs 81,560

Therefore, the partner's capital in the firm at the end of the year would be Rs 81,560.
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In a partnership firm in the beginning of the year the capital of one partner is Rs 80 000.During tge year he introduced Rs 7 000 as additional capital and withdraws Rs 2 000 in the middle of every month.The firm doesnot pay any interest on capital but charges 6% interest on drawings.His share of profit after interest on drawings is Rs 20 000.At the end of the year his capital in the firm would be?
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In a partnership firm in the beginning of the year the capital of one partner is Rs 80 000.During tge year he introduced Rs 7 000 as additional capital and withdraws Rs 2 000 in the middle of every month.The firm doesnot pay any interest on capital but charges 6% interest on drawings.His share of profit after interest on drawings is Rs 20 000.At the end of the year his capital in the firm would be? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about In a partnership firm in the beginning of the year the capital of one partner is Rs 80 000.During tge year he introduced Rs 7 000 as additional capital and withdraws Rs 2 000 in the middle of every month.The firm doesnot pay any interest on capital but charges 6% interest on drawings.His share of profit after interest on drawings is Rs 20 000.At the end of the year his capital in the firm would be? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for In a partnership firm in the beginning of the year the capital of one partner is Rs 80 000.During tge year he introduced Rs 7 000 as additional capital and withdraws Rs 2 000 in the middle of every month.The firm doesnot pay any interest on capital but charges 6% interest on drawings.His share of profit after interest on drawings is Rs 20 000.At the end of the year his capital in the firm would be?.
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