The capital accounts of Alka and Archana showed credit balances of Rs. 4,00,000 and Rs. 3,00,000 respectively, after taking into account drawings and net profit of Rs. 2,00,000. The drawings of the partners during the year 2018 – 19 were:

(i) Alka withdrew Rs. 10,000 at the end of each quarter.

(ii) Archana’s drawings were:


31st May, 2018                          8,000

1st November, 2018                   7,000

1st February, 2019                    5,000


Calculate interest on partners’ capitals @ 10% p.a. and interest on partners’ drawings @ 6% p.a. for the year ended 31st March, 2019.

Marks-4, CBSE:2019-20/Main/02/Q-16

error: Content is protected !!