A 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
A's Interest = Rs. 1123.97 Or Say Rs. 1124
B's Interest = Rs. 786.57 Or Say Rs. 787
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?
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
CAclubindia
