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Accountancy – XII_2021-09

March 26, 2020

3. Closing Capital was `2,05,000; Additional Capital
`22,000; Drawings `9,000 and Profit `11,000

4. Closing Capital was `1,85,000; Additional Capital
`17,000; Drawings `13,000 and Loss `9,000

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11. On 31 March, 2020 capital of ‘C’ was `2,50,000. ‘C’ had introduced `1,50,000 as
additional capital on 1 October, 2019. Deed provides interest on capital @12% p.a.
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What is the amount of interest on capital will be allowed to ‘C’ for the year?

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12. On 31 March, 2020 capital of ‘H’ was `2,50,000. ‘H’ had introduced `1,50,000 as
additional capital on 1 October, 2019 and had withdrawn `1,00,000 from capital on
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1 January, 2020. Partnership Deed provides interest on capital @12% p.a. What is
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the amount of interest on capital will be allowed to ‘H’ for the year?

13. After the distribution of profits of `42,000 in the ratio of 3:2:1 between A, B and C.
The capital of B amounted to `67,000. Partners noticed that they have omitted to
allow interest on capital @12% p.a. as provided in the deed. Calculate the interest on
capital of B.

14. After the distribution of profits of `45,000 in the ratio of 3:2:1 between A, B and C and

charging drawings of `12,000 from capital, the capital of A amounted to `1,04,500.
Partners noticed that they have omitted to allow interest on capital @12% p.a. as
provided in the deed. Calculate the interest on capital of A.

15. Chandan and Kundan are partners in a firm sharing profits and losses in the ratio of
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3:2. During the year ending on 31 March, 2020, firm made a profit of `25,000 which
was distributed to the partners. Partners have also withdrawn `8,000 and `15,000
from their capitals for personal use.

16. Mansoor and Reshma who are partners in a firm and their capital accounts showed
the balance of `2,00,000 and `1,50,000 respectively on April 1, 2019. Mansoor
introduced additional capital of `1,00,000 on August 1, 2019 and Reshma brought in
further capital of `1,50,000 on October 1, 2019. Interest is to be allowed @ 6% p.a.
on the capitals. Calculate interest on capital for the year ending on 31 March, 20
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13. ‘C’ a partner in a firm had capital of `3,00,000 on 1 April, 2019. He further invested
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`50,000 on 1 October, 2019. Partnership deed provided that interest on capital be 8
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provided @ 5% p.a. What is the amount of interest on capital to be allowed to ‘C’?

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