Question

Saloni and Srishti are partners in a firm. Their capital accounts as on April 01. 2016 showed a balance of Rs. 2,00,000 and Rs.3,00,000 respectively. On July 01, 2016, Saloni introduced additional capital of Rs.50,000 and Srishti, Rs. 60,000. On October 01 Saloni withdrew Rs. 30,000, and on January 01, 2016 Srishti withdraw, Rs. 15,000 from their capitals. Interest is allowed @ 8% p.a. Calculate interest payable on capital to both the partners during the financial year 2016-2017.

Answer 1

Statement Showing Calculation of Interest on Capital
For Saloni
`{:(,,(Rs","),),("Interest on Rs. 2,00,000 for full year",=(Rs. 2","00","000xx8xx1)/100=,16","000,),("Add: Interest on Rs.50,000 for 9 months",=(Rs.50","000xx9xx8)/(12xx100)=,(3","000)/(19","000),),("Less:Interest on 30,000 for 6 months",=(Rs.30","000xx8xx6)/(12xx100)=,1","200,),(,,ulbar(ul(17","800)),):}`
Alternatively interest can be calculated on Rs. 2 lakh for 3 months, on Rs. 2,50,000 for 3 months, and on Rs. 2,20,000, for 6 months (Rs. 4,000 + Rs. 5,000 + Rs. 8,800 = Rs. 17,800).
`{:(,,(Rs.),),("Interest on Rs.3,00,000, for full year @8%",=(Rs.3","00","000xx8xx1)/100=,24","000,),("Add:Interest on Rs.60,000,for 9 months",=(Rs.60","000xx8xx9)/(100xx12)=,(3","600)/(27","600),),("Less: Interest on Rs.15,000 for 3 months",=(Rs.15","000xx8xx3)/(100xx12)=,300,),("(Money withdrawn)",,ulbar(ul(27","300)),):}`
Alternatively interest can be charged on Rs. 3,00,000 for 3 months on Rs. 3,60,000 for 6 months and on Rs. 3,45,000 for 3 months (Rs. 6,000 + Rs. 14,400 + Rs. 6,900 = Rs. 27,300).