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Saloni and shrishti are partner in firm.their capital account as on April 1,2017 showed a balance of 200000 and 300000 respectively. On July 1,2017 saloni introduced additional capital of 50000 and shrishti 60000.on October 1,2017 saloni withdrew 30000 and on January 1,2018 shrishti withdrew 15000 from their capitals. Interest is allowed @8+p.a. calculate interest payable on capital to both the partners during the financial year 2017-18.?
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Introduction
In calculating the interest payable on capital to partners Saloni and Shrishti for the financial year 2017-18, we need to consider their capital balances, additional capital introduced, and withdrawals throughout the year.
Capital Balances and Changes
- Saloni's Capital:
- Initial Balance (April 1, 2017): 200,000
- Additional Capital Introduced (July 1, 2017): 50,000
- Withdrawal (October 1, 2017): 30,000
- Shrishti's Capital:
- Initial Balance (April 1, 2017): 300,000
- Additional Capital Introduced (July 1, 2017): 60,000
- Withdrawal (January 1, 2018): 15,000
Calculating Average Capital for Interest
- Saloni's Average Capital:
- From April 1 to June 30: 200,000 for 3 months
- From July 1 to September 30: 250,000 for 3 months (200,000 + 50,000)
- From October 1 to March 31: 220,000 for 6 months (250,000 - 30,000)
- Shrishti's Average Capital:
- From April 1 to June 30: 300,000 for 3 months
- From July 1 to December 31: 360,000 for 6 months (300,000 + 60,000)
- From January 1 to March 31: 345,000 for 3 months (360,000 - 15,000)
Interest Calculation
- Interest for Saloni:
- For 3 months: 200,000 * 8% * (3/12) = 4,000
- For 3 months: 250,000 * 8% * (3/12) = 5,000
- For 6 months: 220,000 * 8% * (6/12) = 8,800
- Total Interest: 4,000 + 5,000 + 8,800 = 17,800
- Interest for Shrishti:
- For 3 months: 300,000 * 8% * (3/12) = 6,000
- For 6 months: 360,000 * 8% * (6/12) = 14,400
- For 3 months: 345,000 * 8% * (3/12) = 6,900
- Total Interest: 6,000 + 14,400 + 6,900 = 27,300
Conclusion
- Total Interest Payable:
- Saloni: 17,800
- Shrishti: 27,300
This detailed calculation ensures accurate interest payments to both partners based on their capital contributions and withdrawals during the financial year.
In calculating the interest payable on capital to partners Saloni and Shrishti for the financial year 2017-18, we need to consider their capital balances, additional capital introduced, and withdrawals throughout the year.
Capital Balances and Changes
- Saloni's Capital:
- Initial Balance (April 1, 2017): 200,000
- Additional Capital Introduced (July 1, 2017): 50,000
- Withdrawal (October 1, 2017): 30,000
- Shrishti's Capital:
- Initial Balance (April 1, 2017): 300,000
- Additional Capital Introduced (July 1, 2017): 60,000
- Withdrawal (January 1, 2018): 15,000
Calculating Average Capital for Interest
- Saloni's Average Capital:
- From April 1 to June 30: 200,000 for 3 months
- From July 1 to September 30: 250,000 for 3 months (200,000 + 50,000)
- From October 1 to March 31: 220,000 for 6 months (250,000 - 30,000)
- Shrishti's Average Capital:
- From April 1 to June 30: 300,000 for 3 months
- From July 1 to December 31: 360,000 for 6 months (300,000 + 60,000)
- From January 1 to March 31: 345,000 for 3 months (360,000 - 15,000)
Interest Calculation
- Interest for Saloni:
- For 3 months: 200,000 * 8% * (3/12) = 4,000
- For 3 months: 250,000 * 8% * (3/12) = 5,000
- For 6 months: 220,000 * 8% * (6/12) = 8,800
- Total Interest: 4,000 + 5,000 + 8,800 = 17,800
- Interest for Shrishti:
- For 3 months: 300,000 * 8% * (3/12) = 6,000
- For 6 months: 360,000 * 8% * (6/12) = 14,400
- For 3 months: 345,000 * 8% * (3/12) = 6,900
- Total Interest: 6,000 + 14,400 + 6,900 = 27,300
Conclusion
- Total Interest Payable:
- Saloni: 17,800
- Shrishti: 27,300
This detailed calculation ensures accurate interest payments to both partners based on their capital contributions and withdrawals during the financial year.
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Saloni and shrishti are partner in firm.their capital account as on April 1,2017 showed a balance of 200000 and 300000 respectively. On July 1,2017 saloni introduced additional capital of 50000 and shrishti 60000.on October 1,2017 saloni withdrew 30000 and on January 1,2018 shrishti withdrew 15000 from their capitals. Interest is allowed @8+p.a. calculate interest payable on capital to both the partners during the financial year 2017-18.?
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Saloni and shrishti are partner in firm.their capital account as on April 1,2017 showed a balance of 200000 and 300000 respectively. On July 1,2017 saloni introduced additional capital of 50000 and shrishti 60000.on October 1,2017 saloni withdrew 30000 and on January 1,2018 shrishti withdrew 15000 from their capitals. Interest is allowed @8+p.a. calculate interest payable on capital to both the partners 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 firm.their capital account as on April 1,2017 showed a balance of 200000 and 300000 respectively. On July 1,2017 saloni introduced additional capital of 50000 and shrishti 60000.on October 1,2017 saloni withdrew 30000 and on January 1,2018 shrishti withdrew 15000 from their capitals. Interest is allowed @8+p.a. calculate interest payable on capital to both the partners 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 firm.their capital account as on April 1,2017 showed a balance of 200000 and 300000 respectively. On July 1,2017 saloni introduced additional capital of 50000 and shrishti 60000.on October 1,2017 saloni withdrew 30000 and on January 1,2018 shrishti withdrew 15000 from their capitals. Interest is allowed @8+p.a. calculate interest payable on capital to both the partners during the financial year 2017-18.?.
Saloni and shrishti are partner in firm.their capital account as on April 1,2017 showed a balance of 200000 and 300000 respectively. On July 1,2017 saloni introduced additional capital of 50000 and shrishti 60000.on October 1,2017 saloni withdrew 30000 and on January 1,2018 shrishti withdrew 15000 from their capitals. Interest is allowed @8+p.a. calculate interest payable on capital to both the partners 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 firm.their capital account as on April 1,2017 showed a balance of 200000 and 300000 respectively. On July 1,2017 saloni introduced additional capital of 50000 and shrishti 60000.on October 1,2017 saloni withdrew 30000 and on January 1,2018 shrishti withdrew 15000 from their capitals. Interest is allowed @8+p.a. calculate interest payable on capital to both the partners 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 firm.their capital account as on April 1,2017 showed a balance of 200000 and 300000 respectively. On July 1,2017 saloni introduced additional capital of 50000 and shrishti 60000.on October 1,2017 saloni withdrew 30000 and on January 1,2018 shrishti withdrew 15000 from their capitals. Interest is allowed @8+p.a. calculate interest payable on capital to both the partners during the financial year 2017-18.?.
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Saloni and shrishti are partner in firm.their capital account as on April 1,2017 showed a balance of 200000 and 300000 respectively. On July 1,2017 saloni introduced additional capital of 50000 and shrishti 60000.on October 1,2017 saloni withdrew 30000 and on January 1,2018 shrishti withdrew 15000 from their capitals. Interest is allowed @8+p.a. calculate interest payable on capital to both the partners during the financial year 2017-18.?, a detailed solution for Saloni and shrishti are partner in firm.their capital account as on April 1,2017 showed a balance of 200000 and 300000 respectively. On July 1,2017 saloni introduced additional capital of 50000 and shrishti 60000.on October 1,2017 saloni withdrew 30000 and on January 1,2018 shrishti withdrew 15000 from their capitals. Interest is allowed @8+p.a. calculate interest payable on capital to both the partners during the financial year 2017-18.? has been provided alongside types of Saloni and shrishti are partner in firm.their capital account as on April 1,2017 showed a balance of 200000 and 300000 respectively. On July 1,2017 saloni introduced additional capital of 50000 and shrishti 60000.on October 1,2017 saloni withdrew 30000 and on January 1,2018 shrishti withdrew 15000 from their capitals. Interest is allowed @8+p.a. calculate interest payable on capital to both the partners during the financial year 2017-18.? theory, EduRev gives you an
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