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mr x is a partner in a firm.he withdraw ₹200 at the end of each month.his capital in the firm is ₹8000.he gave a loan of ₹4000 to the firm on 1st july,2017.rate of interest on capitals drawing and loan is 5% per annum.books are closed on 31st december each year.calculate the amount of interest?
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?mr x is a partner in a firm.he withdraw ₹200 at the end of each month...
Calculation of Interest on Capital and Loan
Interest on Capital:
- Mr X's capital in the firm is ₹8000
- He withdraws ₹200 at the end of each month, which amounts to ₹2400 in a year
- Therefore, his effective capital at the end of the year is ₹5600 (₹8000 - ₹2400)
- The rate of interest on capital drawing is 5% per annum
- Therefore, the interest on his capital for the year would be 5% of ₹5600, which is ₹280
Interest on Loan:
- Mr X gave a loan of ₹4000 to the firm on 1st July 2017
- The rate of interest on the loan is also 5% per annum
- The loan was given midway through the year, so interest would be calculated for 6 months
- The interest on the loan for the year would be (5% of ₹4000) * (6/12), which is ₹100
Total Interest:
- The total interest earned by Mr X for the year would be the sum of interest on his capital and interest on the loan
- Therefore, the total interest earned by him would be ₹280 + ₹100, which is ₹380
Explanation:
- Interest on capital is calculated based on the effective capital at the end of the year after deducting the withdrawals made by the partner
- Interest on loan is calculated based on the principal amount and the duration for which the loan was given
- The total interest earned by the partner for the year is the sum of interest earned on his capital and interest earned on the loan
- The rate of interest on both capital and loan is the same, i.e., 5% per annum
Interest on Capital:
- Mr X's capital in the firm is ₹8000
- He withdraws ₹200 at the end of each month, which amounts to ₹2400 in a year
- Therefore, his effective capital at the end of the year is ₹5600 (₹8000 - ₹2400)
- The rate of interest on capital drawing is 5% per annum
- Therefore, the interest on his capital for the year would be 5% of ₹5600, which is ₹280
Interest on Loan:
- Mr X gave a loan of ₹4000 to the firm on 1st July 2017
- The rate of interest on the loan is also 5% per annum
- The loan was given midway through the year, so interest would be calculated for 6 months
- The interest on the loan for the year would be (5% of ₹4000) * (6/12), which is ₹100
Total Interest:
- The total interest earned by Mr X for the year would be the sum of interest on his capital and interest on the loan
- Therefore, the total interest earned by him would be ₹280 + ₹100, which is ₹380
Explanation:
- Interest on capital is calculated based on the effective capital at the end of the year after deducting the withdrawals made by the partner
- Interest on loan is calculated based on the principal amount and the duration for which the loan was given
- The total interest earned by the partner for the year is the sum of interest earned on his capital and interest earned on the loan
- The rate of interest on both capital and loan is the same, i.e., 5% per annum
Community Answer
?mr x is a partner in a firm.he withdraw ₹200 at the end of each month...
Intt on loan : 4000 × 6/100 × 9/12 (months after giving loan) = 180[ Intt on loan is always @ 6% ]Intt on capital :8000 × 5/100 = 400Intt on drawings :(200×12) × 5/100 × 11/2(time period)* = 660*time period =(months after first drawing + months after last drawing)/2
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?mr x is a partner in a firm.he withdraw ₹200 at the end of each month.his capital in the firm is ₹8000.he gave a loan of ₹4000 to the firm on 1st july,2017.rate of interest on capitals drawing and loan is 5% per annum.books are closed on 31st december each year.calculate the amount of interest?
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?mr x is a partner in a firm.he withdraw ₹200 at the end of each month.his capital in the firm is ₹8000.he gave a loan of ₹4000 to the firm on 1st july,2017.rate of interest on capitals drawing and loan is 5% per annum.books are closed on 31st december each year.calculate the amount of interest? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about ?mr x is a partner in a firm.he withdraw ₹200 at the end of each month.his capital in the firm is ₹8000.he gave a loan of ₹4000 to the firm on 1st july,2017.rate of interest on capitals drawing and loan is 5% per annum.books are closed on 31st december each year.calculate the amount of interest? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for ?mr x is a partner in a firm.he withdraw ₹200 at the end of each month.his capital in the firm is ₹8000.he gave a loan of ₹4000 to the firm on 1st july,2017.rate of interest on capitals drawing and loan is 5% per annum.books are closed on 31st december each year.calculate the amount of interest?.
?mr x is a partner in a firm.he withdraw ₹200 at the end of each month.his capital in the firm is ₹8000.he gave a loan of ₹4000 to the firm on 1st july,2017.rate of interest on capitals drawing and loan is 5% per annum.books are closed on 31st december each year.calculate the amount of interest? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about ?mr x is a partner in a firm.he withdraw ₹200 at the end of each month.his capital in the firm is ₹8000.he gave a loan of ₹4000 to the firm on 1st july,2017.rate of interest on capitals drawing and loan is 5% per annum.books are closed on 31st december each year.calculate the amount of interest? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for ?mr x is a partner in a firm.he withdraw ₹200 at the end of each month.his capital in the firm is ₹8000.he gave a loan of ₹4000 to the firm on 1st july,2017.rate of interest on capitals drawing and loan is 5% per annum.books are closed on 31st december each year.calculate the amount of interest?.
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