Ask a Doubt
Request a call back

Join NOW to get access to exclusive study material for best results

CBSE Class 12-commerce Answered

X and y are partners in a firm. There capital as on April 1 2018 were 700000 and 600000 respectively. On October 1 2016 they decided there capital should be 500000 and 600000 respectively. The necessary adjustment were by introducing on withdrawing case. Interest on capital is allowed @7%p.a. you are required to compute interest on capital at the end of the year 31 March 2019
Asked by shrijubungcheanrai002 | 26 Jun, 2019, 07:41: AM
answered-by-expert Expert Answer
The doubt relates to the topic interest on capital from the Partnership Unit. Detailed solutions of multiple questions of the similar topics have been solved on our website at the below mentioned link:
https://www.topperlearning.com/study/cbse/class-12-commerce/accountancy/text-book-solutions/t-s-grewal-part-a-vol-i/539/accounting-for-partnership-firms-fundamentals/2448/b101c504s549e9
 
We hope that the detailed explanation will help you solve similar problems.
Answered by Surabhi Gawade | 27 Jun, 2019, 12:25: PM

Application Videos

Concept Videos

Multiple Choice Questions Practice Test
Answered Unanswered My Questions My Answers
CBSE 12-commerce - Accountancy
What is share premium?
Asked by joymotibarman | 15 Jan, 2024, 02:15: PM
ANSWERED BY EXPERT ANSWERED BY EXPERT
CBSE 12-commerce - Accountancy
what is Goodwill
Asked by divyanshmaheshwari2003 | 04 Nov, 2023, 05:06: PM
ANSWERED BY EXPERT ANSWERED BY EXPERT
CBSE 12-commerce - Accountancy
What is partnership? Define any two features.
Asked by deepamonidas1234 | 21 Sep, 2023, 09:14: PM
ANSWERED BY EXPERT ANSWERED BY EXPERT
CBSE 12-commerce - Accountancy
Analysis of any financial statements consists of analysis of___
Asked by officialpaperio.man | 31 Jan, 2022, 09:14: AM
ANSWERED BY EXPERT ANSWERED BY EXPERT
CBSE 12-commerce - Accountancy
what's ment by bad debts
Asked by swapnil292001 | 08 Nov, 2020, 11:22: AM
ANSWERED BY EXPERT ANSWERED BY EXPERT
CBSE 12-commerce - Accountancy
Why abnormal loss is added to business profit and abnormal gain is deducted from profit while calculating Goodwill of the firm?
Asked by raksha2sanubth | 13 Jul, 2020, 11:22: AM
ANSWERED BY EXPERT ANSWERED BY EXPERT
CBSE 12-commerce - Accountancy
Solve it-
question image
Asked by raksha2sanubth | 13 Jul, 2020, 11:19: AM
ANSWERED BY EXPERT ANSWERED BY EXPERT
CBSE 12-commerce - Accountancy
A and B shared profits in the ratio of 7:3. They dissolved the firm and appointed A to realise the assets . A is to be received 6% commission on the amount realised from Stock, Debtors, B/R and Shares The position of the firm was as follows: - Liablities Rs Assets Rs. Creditors 60000 Plant and Machinery 20000 Repairs and Renewable Reserve 4000 Prepaid Insurance 1200 Bank Loan 20000 Stock 60000 A's Capital A/c 50000 100 shares in D.C.M. Ltd. 5000 B's Capital A/c 20000 Sundry Debtors 38000 B/R 6000 Cash at Bank 8800 A's Current A/c 5000 Profit & Loss Account 10000 154000 154000 Informations : I. A realised the assets as follows: - Full amount from Sundry Debtors and except from one for 2,OOO being insolvent. Stock realised e 52,000,; Shares in D.C.M. were sold for 60 each D_C.M. were sold for each. 2. Half the trade creditors accepted plant and machinery at an agreed valuation of 10% less than the book value and cash of 7000 in full settlement of claims. 3. Remaining creditors were paid off at a discount of 10%. Expenses of realisation amounted to Rs. 700. 4. One quarter's tax amounting to 1500 was due and had to be paid 5. There was a contingent liability amounting to 13,000. It was settled for Rs. 6000. 6. Bank Loan was discharged along with interest due for two months @18% pa Prepare necessary accounts
Asked by ghaewale99 | 06 Jul, 2020, 03:02: PM
ANSWERED BY EXPERT ANSWERED BY EXPERT
CBSE 12-commerce - Accountancy
if the deed is silent interest at the rate of 6% p.a would be charged on the drawings made by the partners true or false  
Asked by sonowalabhilash | 02 Jul, 2020, 09:46: AM
ANSWERED BY EXPERT ANSWERED BY EXPERT
CBSE 12-commerce - Accountancy
Acquired machinery for 10,00,000 Paid 10% upfront, and the rest through draft after 3 months. What is the cash flow from investing activities?
Asked by simarjiv10 | 24 Jun, 2020, 11:25: PM
ANSWERED BY EXPERT ANSWERED BY EXPERT
My Class Videos Tests ₹ Plans Ask a Doubt
Get Latest Study Material for Academic year 24-25 Click here
×