If a fixed amount is withdrawn on the last day of every quarter, for what period the interest on total drawings will be calculated? 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Tumblr Opens in a new window Viadeo Opens in a new window WhatsApp Read more articles Previous PostIf a fixed amount is withdrawn on the first day of every quarter, for what period the interest on total drawings will be calculated. (C.B.S.E. Sample Paper 2019) Next PostName the method of calculating interest on Drawings of the Partners if the different amounts are withdrawn on different dates. You Might Also Like Mudit, Sudhir and Uday are partners in a firm sharing profits in the ratio of 3 : 1 : 1. Their fixed capital balances are Rs. 4,00,000, Rs. 1,60,000 and Rs. 1,20,000 respectively. Net profit for the year ended 31st March, 2018 distributed amongst the partners was Rs. 1,00,000, without taking into account the following adjustments: (a) Interest on capitals @ 2.5% p.a.; (b) Salary to Mudit Rs. 18,000 p.a. and commission to Uday Rs. 12,000. (c) Mudit was allowed a commission of 6% of divisible profit after charging such commission. Pass a rectifying Journal entry in the books of the firm. Show workings clearly. July 22, 2022 Give the two main rights acquired by the new partner. September 26, 2022 Journalise the following: (a) A debenture issued at Rs.95, repayable at Rs. 100. (b) A debenture issued at Rs.95, repayable at Rs. 105. (c) A debenture issued at Rs.95, repayable at Rs. 105. The face value of debenture is Rs. 100 in each of the above cases. July 18, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Mudit, Sudhir and Uday are partners in a firm sharing profits in the ratio of 3 : 1 : 1. Their fixed capital balances are Rs. 4,00,000, Rs. 1,60,000 and Rs. 1,20,000 respectively. Net profit for the year ended 31st March, 2018 distributed amongst the partners was Rs. 1,00,000, without taking into account the following adjustments: (a) Interest on capitals @ 2.5% p.a.; (b) Salary to Mudit Rs. 18,000 p.a. and commission to Uday Rs. 12,000. (c) Mudit was allowed a commission of 6% of divisible profit after charging such commission. Pass a rectifying Journal entry in the books of the firm. Show workings clearly. July 22, 2022
Journalise the following: (a) A debenture issued at Rs.95, repayable at Rs. 100. (b) A debenture issued at Rs.95, repayable at Rs. 105. (c) A debenture issued at Rs.95, repayable at Rs. 105. The face value of debenture is Rs. 100 in each of the above cases. July 18, 2022
