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Following is the extract of the Balance Sheet of Neelkant and Mahadev as on 31st March, 2019. BALANCE SHEET as at 31st March, 2019 Liabilities ₹ Assets ₹ Neelkant's Capital 10,00,000 Sundry Assets 30,00,000 Mahadev's Capital 10,00,000 Neelkant's Current A/c 1,00,000 Mahadev' Current A/c 1,00,000 Profit and Loss Appropriation A/c (2018-19) 8,00,000 30,00,000 30,00,000 During the year, Mahadev's drawings were ₹ 30,000. Profits during the year ended 31st March, 2019 is ₹ 10,00,000. Calculate interest on capital 5% p.a. for the year ending 31st March, 2019. |
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Answer» Following is the extract of the Balance Sheet of Neelkant and Mahadev as on 31st March, 2019.
During the year, Mahadev's drawings were ₹ 30,000. Profits during the year ended 31st March, 2019 is ₹ 10,00,000. Calculate interest on capital 5% p.a. for the year ending 31st March, 2019. |
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