From the following Balance Sheet of X and Y, calculate interest on capital 5% pa. for...

 

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From the following Balance Sheet of X and Y, calculate interest on capital 5% pa. for the year ended 31st March, 2018: During the year ended 31st March, 2018, X's drawings were Rs.10,000 and Y's drawings were Rs.30, 000. Profit for the year ended 31st March, 2018 was Rs.60,000. The amount of Reserve, i.e., Rs.40, 000 is transferred from Current Year's profit to strengthen the financial position of the firm. BALANCE SHEET as at 31st March, 2018 ₹ Assets 90,000 Sundry Assets 80,000 40,000 2,10,000 Liabilities X's Capital A/c Y's Capital A/c Reserve ₹ 2,10,000 2,10,000 From the following Balance Sheet of X and Y, calculate interest on capital 5% pa. for the year ended 31st March, 2018: During the year ended 31st March, 2018, X's drawings were Rs.10,000 and Y's drawings were Rs.30, 000. Profit for the year ended 31st March, 2018 was Rs.60,000. The amount of Reserve, i.e., Rs.40, 000 is transferred from Current Year's profit to strengthen the financial position of the firm. BALANCE SHEET as at 31st March, 2018 ₹ Assets 90,000 Sundry Assets 80,000 40,000 2,10,000 Liabilities X's Capital A/c Y's Capital A/c Reserve ₹ 2,10,000 2,10,000

Answer rating: 100% (QA)

Calculation of Interest on xs Capital Rs xs Capital as at 31st March 2018 90000 Add Drawing... View the full answer