[NCERT] Q 17 Accounting for Partnership Basic Concepts Solutions Class 12

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Solutions of Question number 17 of Accounting for Partnership Basic Concepts NCERT Accountancy solutions Class 12 CBSE Board.

Following is the extract of the Balance Sheet of, Neelkant and Mahadev as on March 31, 2020:

Balance Sheet as at March 31, 2020

Neelkant’s Capital
Mahadev’s Capital
Neelkant’s Current Account
Mahadev’s Current Account
Profit and Loss Appropriation
(March 2017)
Sundry Assets30,00,000

During the year Mahadev’s drawings were ₹ 30,000. Profits during 2016 – 17 is ₹ 10,00,000. Calculate interest on capital @ 5% p.a. for the year ending March 31, 2020.

[Ans: Interest on Neelkant’s Capital, ₹ 50,000 and Mahadev’s Capital ₹ 50,000]


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