Partners capital
This query is : Resolved
13 June 2012
There are many receipts as well as payments in the capital account of the partner of a partnership firm.
So, how should I calculate interest on capital ?
Please Answer asap
So, how should I calculate interest on capital ?
Please Answer asap
13 June 2012
Interest is calculated using the diminishing balance method.
14 June 2012
Could you please give me an example ?
That would be very kind of you...
That would be very kind of you...
14 June 2012
Could you please give me an example ?
That would be very kind of you...
That would be very kind of you...
14 June 2012
1.4.11 Opening Balance Rs. 10 lakh
25.4.11 Brought in cash Rs. 1 lakh
27.5.11 Drawings Rs. 2 lakh
27.7.11 Drawings Rs. 1 lakh
Now interest shall be calculated as under:
1.4 to 24.4 on Rs. 10 lakh
25.4 to 26.5 on Rs. 11 lakh
27.5 to 26.7 on Rs. 9 lakh
and so on.
25.4.11 Brought in cash Rs. 1 lakh
27.5.11 Drawings Rs. 2 lakh
27.7.11 Drawings Rs. 1 lakh
Now interest shall be calculated as under:
1.4 to 24.4 on Rs. 10 lakh
25.4 to 26.5 on Rs. 11 lakh
27.5 to 26.7 on Rs. 9 lakh
and so on.
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