Home
Class 12
ACCOUNTS
Following is the extract of the Balance ...

Following is the extract of the Balance Sheet of, Neelkant and Mahdev as on March 31, 2017:

During the year Mahadev’s drawings were Rs. 30,000. Profits during 2016-17 is Rs. 10,00,000. Calculate interest on capital @ 5% p.a for the year ending March 31, 2017.

Text Solution

Verified by Experts

The correct Answer is:
Interest on Neelkant’s Capital, Rs. 50,000 and Mahadev’s Capital, Rs. 50,000
Promotional Banner

Topper's Solved these Questions

  • ACCOUNTING FOR PARTNERSHIP : BASIC CONCEPTS

    NCERT|Exercise Long Answer Questions|5 Videos

  • ACCOUNTING FOR NOT-FOT PROFIT ORGANISATION

    NCERT|Exercise All Questions|73 Videos

  • ACCOUNTING FOR SHARE CAPITAL

    NCERT|Exercise Test your Understanding - I|11 Videos
NCERT-ACCOUNTING FOR PARTNERSHIP : BASIC CONCEPTS-Numerical Questions
  1. Sunflower and Pink Rose started partnership business on April 01, 2016...

    Text Solution

    |

  2. On March 31, 2017 after the close of accounts, the capitals of Mounta...

    Text Solution

    |

  3. Following is the extract of the Balance Sheet of, Neelkant and Mahdev ...

    Text Solution

    |

  4. Rishi is a partner in a firm. He withdrew the following amounts during...

    Text Solution

    |

  5. The capital accounts of Moli and Golu showed balances of Rs.40,000 and...

    Text Solution

    |

  6. Rakesh and Roshan are partners, sharing profits in the ratio of 3:2 wi...

    Text Solution

    |

  7. Himanshu withdrews Rs. 2,500 at the end Month of each month. The Part...

    Text Solution

    |

  8. Bharam is a partner in a firm. He withdraws Rs. 3,000 at the starting ...

    Text Solution

    |

  9. Raj and Neeraj are partners in a firm. Their capitals as on April 01, ...

    Text Solution

    |

  10. Amit and Bhola are partners in a firm. They share profits in the ratio...

    Text Solution

    |

  11. Harish is a partner in a firm. He withdrew the following amounts durin...

    Text Solution

    |

  12. Menon and Thomas are partners in a firm. They share profits equally. T...

    Text Solution

    |

  13. On March 31, 2017, after the close of books of accounts, the capital ...

    Text Solution

    |

  14. Amit, Sumit and Samiksha are in partnership sharing profits in the rat...

    Text Solution

    |

  15. Pinki, Deepati and Kaku are partner’s sharing profits in the ratio of ...

    Text Solution

    |

  16. Abhay, Siddharth and Kusum are partners in a firm, sharing profits in ...

    Text Solution

    |

  17. Radha, Mary and Fatima are partners sharing profits in the ratio of 5:...

    Text Solution

    |

  18. X, Y and Z are in Partnership, sharing profits and losses in the ratio...

    Text Solution

    |

  19. Arun, Boby and Chintu are partners in a firm sharing profit in the rat...

    Text Solution

    |

  20. Ashok, Brijesh and Cheena are partners sharing profits and losses in t...

    Text Solution

    |