Give the average period, in months, for charging interest on drawings of a fixed amount, withdrawn at the end of each quarter. (C.B.S.E. 2020 C) Post category:Accountancy Reading time:1 mins read SOLUTION 4.5 Months. Please Share This Share this content Opens in a new window X Opens in a new window Facebook Opens in a new window Pinterest Opens in a new window LinkedIn Opens in a new window Viber Opens in a new window VK Opens in a new window Reddit Opens in a new window Tumblr Opens in a new window Viadeo Opens in a new window WhatsApp Read more articles Previous PostDev withdrew Rs. 10,000 on 15th day of every month. Interest on drawings was to be charged @ 12% per annum. Calculate interest on Dev’s drawings. (C.B.S.E. 2019) Next PostGive the average period, in months, for charging interest on drawings of a fixed amount withdrawn at the beginning of each quarter. You Might Also Like Net Profit before Interest and Tax Rs. 2,50,000; Capital Employed Rs. 10,00,000. Calculate Return on Investment. August 17, 2022 Romi Ltd. acquired assets of Rs. 20 lakhs and took over creditors of Rs. 2 lakhs from Kapil Enterprises. Romi Ltd. issued 8% Debentures of Rs. 100 each at a discount of 10% as purchase consideration. Record necessary journal entries in the books of Romi Ltd. July 16, 2022 On 31st March, 2019, after the closing of the accounts, the Capital Accounts of P, Q and R stood in the books of the firm at Rs. 40,000; Rs. 30,000 and Rs. 20,000 respectively. Subsequently, it was noticed that interest on capital @ 5% had been omitted. Profit for the year ended 31st March, 2019 was Rs. 60,000 and the partners’ drawings had been P – Rs. 10,000, Q Rs. 7,500 and R – Rs. 4,500. Profit-sharing ratio of P, Q and R is 3 : 2 : 1. Give necessary adjustment entry July 22, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Net Profit before Interest and Tax Rs. 2,50,000; Capital Employed Rs. 10,00,000. Calculate Return on Investment. August 17, 2022
Romi Ltd. acquired assets of Rs. 20 lakhs and took over creditors of Rs. 2 lakhs from Kapil Enterprises. Romi Ltd. issued 8% Debentures of Rs. 100 each at a discount of 10% as purchase consideration. Record necessary journal entries in the books of Romi Ltd. July 16, 2022
On 31st March, 2019, after the closing of the accounts, the Capital Accounts of P, Q and R stood in the books of the firm at Rs. 40,000; Rs. 30,000 and Rs. 20,000 respectively. Subsequently, it was noticed that interest on capital @ 5% had been omitted. Profit for the year ended 31st March, 2019 was Rs. 60,000 and the partners’ drawings had been P – Rs. 10,000, Q Rs. 7,500 and R – Rs. 4,500. Profit-sharing ratio of P, Q and R is 3 : 2 : 1. Give necessary adjustment entry July 22, 2022
