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Manoj and Billu are equal partners. Manoj is a sleeping partner and Billu is an Active working partner. Their capitals on 1st April, 2021 were: Manoj Rs. 6,000 Credit and Billu Rs. 20,000 Debit.
Mr Manoj has given a loan to the firm Rs. 10,000 on 1st April, 2021 @ 10% p.a. Partnership deed allows 10% p.a. interest on capital. ?
Mr Manoj has given a loan to the firm Rs. 10,000 on 1st April, 2021 @ 10% p.a. Partnership deed allows 10% p.a. interest on capital. ?
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Manoj and Billu are equal partners. Manoj is a sleeping partner and Bi...
Introduction:
Manoj and Billu are equal partners in a partnership firm. Manoj is a sleeping partner, while Billu is an active working partner. In this scenario, we will discuss the capital and loan transactions between the partners and the firm.
Initial Capital:
On April 1, 2021, Manoj's capital is in credit with Rs. 6,000, indicating that he has invested this amount in the firm. On the other hand, Billu's capital is in debit with Rs. 20,000, suggesting that he has withdrawn this amount from the firm.
Loan from Manoj:
Manoj has given a loan of Rs. 10,000 to the firm on April 1, 2021, at an interest rate of 10% per annum. This loan is separate from Manoj's capital investment. The partnership deed allows for an interest of 10% per annum on the capital.
Interest on Capital:
According to the partnership deed, partners are entitled to receive interest on their capital investments. In this case, Manoj's capital investment is Rs. 6,000. Therefore, he is entitled to receive interest on this amount at a rate of 10% per annum.
Calculation of Interest on Capital:
To calculate the interest on Manoj's capital, we can use the formula: Interest = Principal × Rate × Time. Here, the principal is Rs. 6,000, the rate is 10% per annum, and the time is one year.
Interest = 6,000 × 10/100 × 1 = Rs. 600
Adjustment of Interest on Capital:
Since Manoj is a sleeping partner, his interest on capital will be credited to his capital account. This means that his capital account will increase by Rs. 600. On the other hand, Billu's capital account will not be affected by this transaction.
Conclusion:
In conclusion, Manoj and Billu are equal partners in a partnership firm. Manoj's capital is in credit with Rs. 6,000, while Billu's capital is in debit with Rs. 20,000. Manoj has given a loan of Rs. 10,000 to the firm at an interest rate of 10% per annum. The partnership deed allows for an interest of 10% per annum on the capital. Manoj's interest on capital is calculated to be Rs. 600. This interest will be credited to Manoj's capital account as he is a sleeping partner.
Manoj and Billu are equal partners in a partnership firm. Manoj is a sleeping partner, while Billu is an active working partner. In this scenario, we will discuss the capital and loan transactions between the partners and the firm.
Initial Capital:
On April 1, 2021, Manoj's capital is in credit with Rs. 6,000, indicating that he has invested this amount in the firm. On the other hand, Billu's capital is in debit with Rs. 20,000, suggesting that he has withdrawn this amount from the firm.
Loan from Manoj:
Manoj has given a loan of Rs. 10,000 to the firm on April 1, 2021, at an interest rate of 10% per annum. This loan is separate from Manoj's capital investment. The partnership deed allows for an interest of 10% per annum on the capital.
Interest on Capital:
According to the partnership deed, partners are entitled to receive interest on their capital investments. In this case, Manoj's capital investment is Rs. 6,000. Therefore, he is entitled to receive interest on this amount at a rate of 10% per annum.
Calculation of Interest on Capital:
To calculate the interest on Manoj's capital, we can use the formula: Interest = Principal × Rate × Time. Here, the principal is Rs. 6,000, the rate is 10% per annum, and the time is one year.
Interest = 6,000 × 10/100 × 1 = Rs. 600
Adjustment of Interest on Capital:
Since Manoj is a sleeping partner, his interest on capital will be credited to his capital account. This means that his capital account will increase by Rs. 600. On the other hand, Billu's capital account will not be affected by this transaction.
Conclusion:
In conclusion, Manoj and Billu are equal partners in a partnership firm. Manoj's capital is in credit with Rs. 6,000, while Billu's capital is in debit with Rs. 20,000. Manoj has given a loan of Rs. 10,000 to the firm at an interest rate of 10% per annum. The partnership deed allows for an interest of 10% per annum on the capital. Manoj's interest on capital is calculated to be Rs. 600. This interest will be credited to Manoj's capital account as he is a sleeping partner.
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Manoj and Billu are equal partners. Manoj is a sleeping partner and Billu is an Active working partner. Their capitals on 1st April, 2021 were: Manoj Rs. 6,000 Credit and Billu Rs. 20,000 Debit.Mr Manoj has given a loan to the firm Rs. 10,000 on 1st April, 2021 @ 10% p.a. Partnership deed allows 10% p.a. interest on capital. ?
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Manoj and Billu are equal partners. Manoj is a sleeping partner and Billu is an Active working partner. Their capitals on 1st April, 2021 were: Manoj Rs. 6,000 Credit and Billu Rs. 20,000 Debit.Mr Manoj has given a loan to the firm Rs. 10,000 on 1st April, 2021 @ 10% p.a. Partnership deed allows 10% p.a. interest on capital. ? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Manoj and Billu are equal partners. Manoj is a sleeping partner and Billu is an Active working partner. Their capitals on 1st April, 2021 were: Manoj Rs. 6,000 Credit and Billu Rs. 20,000 Debit.Mr Manoj has given a loan to the firm Rs. 10,000 on 1st April, 2021 @ 10% p.a. Partnership deed allows 10% p.a. interest on capital. ? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Manoj and Billu are equal partners. Manoj is a sleeping partner and Billu is an Active working partner. Their capitals on 1st April, 2021 were: Manoj Rs. 6,000 Credit and Billu Rs. 20,000 Debit.Mr Manoj has given a loan to the firm Rs. 10,000 on 1st April, 2021 @ 10% p.a. Partnership deed allows 10% p.a. interest on capital. ?.
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