Particulars |
Rs. |
particulars |
Rs. |
To interest on mahesh's loan |
150 |
By net profit b/d |
15,200 |
To profit transferred to:
Mahesh's capital A/C 7,525
Ramesh's 7,525 |
15,050 |
|
|
|
15,200 |
|
15,200 |
Working Note
1, Calculation of interest on mahesh loan
Amount of loan given by mahesh =Rs.10.000
Period (from jan 01 to march 31,2016 ) =3 months
2. Calculation of interest on capital
No, interest on capital will be allowed to the parthers
Note: There is no partnership deed between mahesh and ramesh therefore as per partnership act
a. interest on loan will be allowed at 6% p.a
b.No interest on parters capital will be allowed and
c.profit after interest on mahesh loand will be distributed equally between mahesh and ramesh