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X Y and Z are partners in a firm their capitals as on April 1st 2016 with 500000, 400000,and 300000 respectively on July 1 2013 they introduced for the capitals of 100000,80000 and 50000 respectively on February 1 2014 why y withdrew 15000 from its capital interest is to be allowed on 8% per annum on the capital is compute interest on capital for the year ending March 31st 2017?
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X Y and Z are partners in a firm their capitals as on April 1st 2016 w...
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Calculation of Interest on Capital for the year ending March 31, 2017
Given Information:
- Partners: X, Y, and Z
- Capital as of April 1, 2016: X - $500,000, Y - $400,000, Z - $300,000
- Additional capitals introduced on July 1, 2013: X - $100,000, Y - $80,000, Z - $50,000
- Y withdrew $15,000 from its capital on February 1, 2014
- Interest rate on capital: 8% per annum
Step 1: Calculate Total Capital for each partner
To calculate the total capital for each partner, we need to consider the initial capital and any additional capital introduced.
- X's Total Capital: $500,000 (April 1, 2016) + $100,000 (July 1, 2013) = $600,000
- Y's Total Capital: $400,000 (April 1, 2016) + $80,000 (July 1, 2013) - $15,000 (withdrawal) = $465,000
- Z's Total Capital: $300,000 (April 1, 2016) + $50,000 (July 1, 2013) = $350,000
Step 2: Calculate the Time Period
To calculate the interest, we need to determine the time period for which the capital is invested. The year ending March 31, 2017, means the time period is from April 1, 2016, to March 31, 2017.
- Time Period: 1st April 2016 to 31st March 2017 = 1 year
Step 3: Calculate Interest on Capital for each Partner
To calculate the interest on capital, we multiply the total capital by the interest rate and the time period.
- X's Interest: $600,000 (Total Capital) * 8% (Interest Rate) * 1 (Time Period) = $48,000
- Y's Interest: $465,000 (Total Capital) * 8% (Interest Rate) * 1 (Time Period) = $37,200
- Z's Interest: $350,000 (Total Capital) * 8% (Interest Rate) * 1 (Time Period) = $28,000
Step 4: Calculate Total Interest on Capital for the Firm
To calculate the total interest on capital for the firm, we sum up the individual interest amounts of each partner.
- Total Interest on Capital: $48,000 (X's Interest) + $37,200 (Y's Interest) + $28,000 (Z's Interest) = $113,200
Therefore, the interest on capital for the year ending March 31, 2017, is $113,200.
Given Information:
- Partners: X, Y, and Z
- Capital as of April 1, 2016: X - $500,000, Y - $400,000, Z - $300,000
- Additional capitals introduced on July 1, 2013: X - $100,000, Y - $80,000, Z - $50,000
- Y withdrew $15,000 from its capital on February 1, 2014
- Interest rate on capital: 8% per annum
Step 1: Calculate Total Capital for each partner
To calculate the total capital for each partner, we need to consider the initial capital and any additional capital introduced.
- X's Total Capital: $500,000 (April 1, 2016) + $100,000 (July 1, 2013) = $600,000
- Y's Total Capital: $400,000 (April 1, 2016) + $80,000 (July 1, 2013) - $15,000 (withdrawal) = $465,000
- Z's Total Capital: $300,000 (April 1, 2016) + $50,000 (July 1, 2013) = $350,000
Step 2: Calculate the Time Period
To calculate the interest, we need to determine the time period for which the capital is invested. The year ending March 31, 2017, means the time period is from April 1, 2016, to March 31, 2017.
- Time Period: 1st April 2016 to 31st March 2017 = 1 year
Step 3: Calculate Interest on Capital for each Partner
To calculate the interest on capital, we multiply the total capital by the interest rate and the time period.
- X's Interest: $600,000 (Total Capital) * 8% (Interest Rate) * 1 (Time Period) = $48,000
- Y's Interest: $465,000 (Total Capital) * 8% (Interest Rate) * 1 (Time Period) = $37,200
- Z's Interest: $350,000 (Total Capital) * 8% (Interest Rate) * 1 (Time Period) = $28,000
Step 4: Calculate Total Interest on Capital for the Firm
To calculate the total interest on capital for the firm, we sum up the individual interest amounts of each partner.
- Total Interest on Capital: $48,000 (X's Interest) + $37,200 (Y's Interest) + $28,000 (Z's Interest) = $113,200
Therefore, the interest on capital for the year ending March 31, 2017, is $113,200.
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X Y and Z are partners in a firm their capitals as on April 1st 2016 w...
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X Y and Z are partners in a firm their capitals as on April 1st 2016 with 500000, 400000,and 300000 respectively on July 1 2013 they introduced for the capitals of 100000,80000 and 50000 respectively on February 1 2014 why y withdrew 15000 from its capital interest is to be allowed on 8% per annum on the capital is compute interest on capital for the year ending March 31st 2017?
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X Y and Z are partners in a firm their capitals as on April 1st 2016 with 500000, 400000,and 300000 respectively on July 1 2013 they introduced for the capitals of 100000,80000 and 50000 respectively on February 1 2014 why y withdrew 15000 from its capital interest is to be allowed on 8% per annum on the capital is compute interest on capital for the year ending March 31st 2017? for Class 12 2024 is part of Class 12 preparation. The Question and answers have been prepared according to the Class 12 exam syllabus. Information about X Y and Z are partners in a firm their capitals as on April 1st 2016 with 500000, 400000,and 300000 respectively on July 1 2013 they introduced for the capitals of 100000,80000 and 50000 respectively on February 1 2014 why y withdrew 15000 from its capital interest is to be allowed on 8% per annum on the capital is compute interest on capital for the year ending March 31st 2017? covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for X Y and Z are partners in a firm their capitals as on April 1st 2016 with 500000, 400000,and 300000 respectively on July 1 2013 they introduced for the capitals of 100000,80000 and 50000 respectively on February 1 2014 why y withdrew 15000 from its capital interest is to be allowed on 8% per annum on the capital is compute interest on capital for the year ending March 31st 2017?.
X Y and Z are partners in a firm their capitals as on April 1st 2016 with 500000, 400000,and 300000 respectively on July 1 2013 they introduced for the capitals of 100000,80000 and 50000 respectively on February 1 2014 why y withdrew 15000 from its capital interest is to be allowed on 8% per annum on the capital is compute interest on capital for the year ending March 31st 2017? for Class 12 2024 is part of Class 12 preparation. The Question and answers have been prepared according to the Class 12 exam syllabus. Information about X Y and Z are partners in a firm their capitals as on April 1st 2016 with 500000, 400000,and 300000 respectively on July 1 2013 they introduced for the capitals of 100000,80000 and 50000 respectively on February 1 2014 why y withdrew 15000 from its capital interest is to be allowed on 8% per annum on the capital is compute interest on capital for the year ending March 31st 2017? covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for X Y and Z are partners in a firm their capitals as on April 1st 2016 with 500000, 400000,and 300000 respectively on July 1 2013 they introduced for the capitals of 100000,80000 and 50000 respectively on February 1 2014 why y withdrew 15000 from its capital interest is to be allowed on 8% per annum on the capital is compute interest on capital for the year ending March 31st 2017?.
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X Y and Z are partners in a firm their capitals as on April 1st 2016 with 500000, 400000,and 300000 respectively on July 1 2013 they introduced for the capitals of 100000,80000 and 50000 respectively on February 1 2014 why y withdrew 15000 from its capital interest is to be allowed on 8% per annum on the capital is compute interest on capital for the year ending March 31st 2017?, a detailed solution for X Y and Z are partners in a firm their capitals as on April 1st 2016 with 500000, 400000,and 300000 respectively on July 1 2013 they introduced for the capitals of 100000,80000 and 50000 respectively on February 1 2014 why y withdrew 15000 from its capital interest is to be allowed on 8% per annum on the capital is compute interest on capital for the year ending March 31st 2017? has been provided alongside types of X Y and Z are partners in a firm their capitals as on April 1st 2016 with 500000, 400000,and 300000 respectively on July 1 2013 they introduced for the capitals of 100000,80000 and 50000 respectively on February 1 2014 why y withdrew 15000 from its capital interest is to be allowed on 8% per annum on the capital is compute interest on capital for the year ending March 31st 2017? theory, EduRev gives you an
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