1.

From the following Balance Sheet of Long and Short, calculate interest on capital 8% p.a. for the year ended 31st March, 2019. BALANCE SHEET as at 31st March, 2019 Liabilities ₹ Assets ₹ Long's Capital A/c 1,20,000 Fixed Assets 3,00,000 Short's Capital A/c 1,40,000 Other Assets 60,000 General Reserve 1,00,000 3,60,000 3,60,000 During the year, Long withdrew ₹ 40,000 and Short withdrew ₹ 50,000. Profit for the year was ₹ 1,50,000 out of which ₹ 1,00,000 was transferred to General Reserve.

Answer» From the following Balance Sheet of Long and Short, calculate interest on capital 8% p.a. for the year ended 31st March, 2019.















































BALANCE SHEET

as at 31st March, 2019

Liabilities Assets
Long's Capital A/c 1,20,000 Fixed Assets 3,00,000
Short's Capital A/c 1,40,000 Other Assets 60,000
General Reserve 1,00,000
3,60,000 3,60,000



During the year, Long withdrew ₹ 40,000 and Short withdrew ₹ 50,000. Profit for the year was ₹ 1,50,000 out of which ₹ 1,00,000 was transferred to General Reserve.


Discussion

No Comment Found

Related InterviewSolutions