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Saloni and shrishti are partner in a firm their capital as on April 1 2017 showed a balance of 200000and 300000 respectively.on 1july2017 Saloni introduce additional capital of 50000and shrishti 60000.on 1oct2017saloni withdraw 30000and on 1jan 2017 shrishti withdraw 15000from their capital.interest is allowed@8%p.a calculate interest payable on capital to both the partner during the financial year 2017-18?
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Saloni and shrishti are partner in a firm their capital as on April 1 ...
Calculation of Interest Payable on Capital to Both Partners during the Financial Year 2017-18
Initial Capital Balances
Additional Capital Introduced
Withdrawals Made
Calculation of Interest Payable
Explanation
Initial Capital Balances
- Saloni - 200000
- Shrishti - 300000
Additional Capital Introduced
- Saloni - 50000
- Shrishti - 60000
Withdrawals Made
- Saloni - 30000
- Shrishti - 15000
Calculation of Interest Payable
- Saloni's capital balance for the year = 200000 (initial balance) + 50000 (additional capital) - 30000 (withdrawal) = 200000
- Shrishti's capital balance for the year = 300000 (initial balance) + 60000 (additional capital) - 15000 (withdrawal) = 345000
- Interest payable to Saloni = 200000 x 8% = 16000
- Interest payable to Shrishti = 345000 x 8% = 27600
Explanation
- Interest is allowed on the capital balance of partners in a partnership firm.
- The interest rate is usually agreed upon in the partnership agreement.
- The interest is calculated on the average capital balance of the partner for the year.
- In this case, Saloni and Shrishti had different capital balances throughout the year due to additional capital and withdrawals.
- The interest payable to each partner is calculated by multiplying their respective capital balance for the year with the agreed upon interest rate.
- It is important for partners to keep track of their capital balances and withdrawals to ensure accurate calculation of interest payable.
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Saloni and shrishti are partner in a firm their capital as on April 1 2017 showed a balance of 200000and 300000 respectively.on 1july2017 Saloni introduce additional capital of 50000and shrishti 60000.on 1oct2017saloni withdraw 30000and on 1jan 2017 shrishti withdraw 15000from their capital.interest is allowed@8%p.a calculate interest payable on capital to both the partner during the financial year 2017-18?
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Saloni and shrishti are partner in a firm their capital as on April 1 2017 showed a balance of 200000and 300000 respectively.on 1july2017 Saloni introduce additional capital of 50000and shrishti 60000.on 1oct2017saloni withdraw 30000and on 1jan 2017 shrishti withdraw 15000from their capital.interest is allowed@8%p.a calculate interest payable on capital to both the partner 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 partner in a firm their capital as on April 1 2017 showed a balance of 200000and 300000 respectively.on 1july2017 Saloni introduce additional capital of 50000and shrishti 60000.on 1oct2017saloni withdraw 30000and on 1jan 2017 shrishti withdraw 15000from their capital.interest is allowed@8%p.a calculate interest payable on capital to both the partner 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 partner in a firm their capital as on April 1 2017 showed a balance of 200000and 300000 respectively.on 1july2017 Saloni introduce additional capital of 50000and shrishti 60000.on 1oct2017saloni withdraw 30000and on 1jan 2017 shrishti withdraw 15000from their capital.interest is allowed@8%p.a calculate interest payable on capital to both the partner during the financial year 2017-18?.
Saloni and shrishti are partner in a firm their capital as on April 1 2017 showed a balance of 200000and 300000 respectively.on 1july2017 Saloni introduce additional capital of 50000and shrishti 60000.on 1oct2017saloni withdraw 30000and on 1jan 2017 shrishti withdraw 15000from their capital.interest is allowed@8%p.a calculate interest payable on capital to both the partner 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 partner in a firm their capital as on April 1 2017 showed a balance of 200000and 300000 respectively.on 1july2017 Saloni introduce additional capital of 50000and shrishti 60000.on 1oct2017saloni withdraw 30000and on 1jan 2017 shrishti withdraw 15000from their capital.interest is allowed@8%p.a calculate interest payable on capital to both the partner 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 partner in a firm their capital as on April 1 2017 showed a balance of 200000and 300000 respectively.on 1july2017 Saloni introduce additional capital of 50000and shrishti 60000.on 1oct2017saloni withdraw 30000and on 1jan 2017 shrishti withdraw 15000from their capital.interest is allowed@8%p.a calculate interest payable on capital to both the partner during the financial year 2017-18?.
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