Class 12th Account chapter 1 question 18 Ts grewal
30. From the following Balance Sheet of Long and Short, calculate interest on capital @ 8% p.a. for the year ended 31st March, 2024:
BALANCE SHEET as at 31st March, 2024
| Liabilities | ₹ | Assets | ₹ |
|---|---|---|---|
| Long's Capital A/c | 1,20,000 | Fixed Assets | 3,00,000 |
| Short's Capital A/c | 1,40,000 | Other Assets | 60,000 |
| General Reserve | 1,00,000 | ||
| Total | 3,60,000 | Total | 3,60,000 |
During the year, Long withdrew ₹ 40,000 and Short withdrew ₹ 50,000. Profit for the year was ₹ 1,50,000 out of which ₹ 1,00,000 was transferred to General Reserve.
[Ans.: Interest on Long’s Capital—₹ 10,800; Interest on Short’s Capital—₹ 13,200.]
SOLUTION :-
