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प्रश्न
Sunflower and Pink Rose started partnership business on April 01, 2016 with capitals of Rs 2,50,000 and Rs 1,50,000, respectively. On October 01, 2016, they decided that their capitals should be Rs 2,00,000 each. The necessary adjustments in the capitals are made by introducing or withdrawing cash. Interest on capital is to be allowed @ 10% p.a. Calculate interest on capital as on March 31, 2017.
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उत्तर
Product Method
Sunflower
|
01 April 2016 to 30 September 2016 |
2,50,000 × 6 = |
15,00,000 |
|
01 October 2016 to 31 March 2017 |
2,00,000 × 6 = |
12,00,000 |
|
|
Sum of Product |
27,00,000 |
Pink Rose
|
01 April 2016 to 30 September 2016 |
1,50,000 × 6 = |
9,00,000 |
|
01 October 2016 to 31 March 2017 |
2,00,000 × 6 = |
12,00,000 |
|
|
Sum of Product |
21,00,000 |
Interest on Capital = Sum of Product x `Rate/100` x `1/12`
Interest on Sunflower's Capital = 27,00,000 x `10/100` x `1/12` = Rs. 22,500
Interest on Pink Rose's Capital = 21,00,000 x `10/100` x `1/12` = Rs. 17,500.
Alternative Method:
Simple Interest Method
Sunflower
| April 01, 2016 to September 30, 2016 | 2,50,000 x `10/100` x `6/12` | =Rs.12,500 |
| October 01, 2016 to March 31, 2017 | 2,00,000 x `10/100` x `6/12` | =Rs.10,000 |
| Interest on Sunflower’s Capital | =Rs.22,500 | |
Pink Rose
| April 01, 2016 to September 30, 2016 | 1,50,000 x `10/100` x `6/12` | =Rs.7,500 |
| October 01, 2016 to March 31, 2017 | 2,00,000 x `10/100` x `6/12` | =Rs.10,000 |
| Interest on Pink Rose’s Capital | =Rs.12,500 | |
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|
Liabilities |
Amount (Rs.) |
Amount (Rs.) |
Assets |
Amount (Rs.) |
Amount (Rs.) |
|
Mannu’s Capital |
30,000 |
40,000 | Drawings: | 6,000 | |
|
Shristhi’s Capital |
10,000 |
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| Other Assets | 34,000 | ||||
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|
|
Rs |
|
February 01 |
4,000 |
|
May 01 |
10,000 |
|
June 30 |
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|
October 31 |
12,000 |
|
December 31 |
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|
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|
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| 1. | Gain on sale of fixed tangible assets | 12,50,000 |
| 2. | Goodwill written off | 7,80,000 |
| 3. | Transfer to General Reserve | 8,75,000 |
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| Particulars | 31.3.2020 (₹) | 31.3.2019 (₹) |
| Prepaid Expenses | 7,50,000 | 5,00,000 |
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| Trade Receivables | 6,20,000 | 5,90,000 |
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| 1. | Gain on sale of fixed tangible assets | 12,50,000 |
| 2. | Goodwill written off | 7,80,000 |
| 3. | Transfer to General Reserve | 8,75,000 |
| 4. | Provision for taxation | 4,37,500 |
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| Particulars | 31.3.2020 (₹) | 31.3.2019 (₹) |
| Prepaid Expenses | 7,50,000 | 5,00,000 |
| Inventory | 10,50,000 | 8,20,000 |
| Trade Payable | 4,50,000 | 3,50,000 |
| Trade Receivables | 6,20,000 | 5,90,000 |
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|
Rudra, Dev and Shiv were partners in a firm sharing profits in the ratio of 5 : 3 : 2. Their fixed capitals were ₹ 6,00,000, ₹ 4,00,000, and ₹ 2,00,000, respectively. Besides his capital, Shiv had given a loan of ₹ 75,000 to the firm. Their partnership deed provided for the following:
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Following is their Profit & Loss Appropriation Account.
| Particulars | (₹) | Particulars | (₹) |
| To Interest on Capital | By Profit & loss account (After manager’s commission) | ___(2)___ | |
| Richa | ______ | ||
| Anmol | ______ | ||
| To Anmol’s Salary a/c | 12,500 | ||
| To Profit transferred to: | |||
| Richa’s Capital A/C (1) | ___(1)___ | ||
| Anmol’s Capital A/c | ______ | ||
| ______ | ______ |
The amount to be reflected in blank (2) will be:
