[NCERT] Q 15 Accounting for Partnership Basic Concepts Solutions Class 12

Solution of Question number 15 of Accounting for Partnership Basic Concepts NCERT Accountancy solutions Class 12 CBSE Board.

Sunflower and Pink Rose started partnership business on April 01, 2019 with capitals of ₹ 2,50,000 and ₹ 1,50,000, respectively. On October 01, 2016, they decided that their capitals should be ₹ 2,00,000 each. The necessary adjustments in the capitals are made by introducing or withdrawings cash. Interest on capital is to be allowed @ 10% p.a. Calculate interest on capital as on March 31, 2020.

[Ans: Total interest on Sunflower’s Capital ₹ 22,500 and on Pink Rose’s Capital, ₹ 17,500)

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