[CBSE] Q. 2 Solution Fundamentals of Partnership Firms DK Goyal [2023-24]
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I have given Solutions of Practical Questions number 2 of the Accounting for partnership firm Fundamentals chapter of DK Goyal CBSE Board 2023-24 Edition.
Solution of Question number 2 of Accounting for Partnership Firms – Fundamentals DK Goyal 2023-24
Girish and Satish are partners in a firm. Their Capitals on April 1. 2021 were ₹ 5,60,000 and ₹ 4,75,000 respectively. On August 1, 2021, they decided that their Capital should be ₹ 5,00,000 each. The necessary adjustment in the Capital were made by introducing or withdrawing cash. Interest on Capital is allowed at 6% p.a. You are required to compute interest on Capital for the year ending 31st March 31, 2022.
[Ans: Interest on Capitals: Girish ₹ 31,200 and Satish ₹ 29,500.]