[NCERT] Q 16 Accounting for Partnership Basic Concepts Solutions Class 12

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Solution of Question number 16 of Accounting for Partnership Basic Concepts NCERT Accountancy solutions Class 12 CBSE Board.

On March 31, 2017 after the close of accounts, the capitals of Mountain, Hill and Rock stood in the books of the firm at ₹ 4,00,000, ₹ 3,00,000 and ₹ 2,00,000, respectively.

Subsequently, it was discovered that the interest on capital @ 10% p.a. had been omitted. The profit for the year amounted to ₹ 1,50,000 and the partner’s drawings had been Mountain: ₹ 20,000, Hill ₹ 15,000 and Rock ₹ 10,000.

Calculate Interest on Capital.

[Ans: Interest on Capital: Moutain, ₹ 37,000; Hill, ₹ 26,500; Rock, ₹ 16,000]

Solution:-

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