Chandra (Kolkata) (31 Points)
08 April 2016A and B are two partners. They agreed to allow interest on capital @ 5% per annum. Capital accounts as on 1.4.13 were A Rs. 20,000 and B Rs. 15000.
A introduced further capital of Rs. 5,000 on 1.10.13 and B introduced Rs. 3,000 on 1.1.14.
Calculate interest on Capital of each Partner as 31.3.14
Kunal Pansari
(Accountant)
(1037 Points)
Replied 08 April 2016
A's Interest = Rs. 1123.97 Or Say Rs. 1124
B's Interest = Rs. 786.57 Or Say Rs. 787
Chandra
(Kolkata)
(31 Points)
Replied 08 April 2016
Originally posted by : Kunal Pansari
A's Interest = Rs. 1123.97 Or Say Rs. 1124
B's Interest = Rs. 786.57 Or Say Rs. 787
Please show me the calculation how you solved it?
V P Narasimhan
(Accounts Manager)
(791 Points)
Replied 16 April 2016
Dear
You can calculate in Excel by usuig a Table as follows:
A B C D E F G
| Date of Receipt | Party | Amount | % of Int | Year end dt | No of days | Interest Amount |
E = 31sr March year end
F = E (-) A
G = C * D *F/365
excel will do the work if we give proper combination
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