From the following Balance Sheet of Long and Short calculate interest on capital 8 p a for the year ...........

From the following Balance Sheet of Long and Short, calculate interest on capital @ 8% p.a. for the year ended 31st March, 2019.

BALANCE SHEET

as at 31st March, 2019

Liabilities		Assets
Long's Capital A/c	1,20,000	Fixed Assets	3,00,000
Short's Capital	1,40,000	Other Assets	60,000
A/c
General	1,00,000
Reserve
	3,60,000		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.

Download Model Answer

छोटे Courses बड़े Results

Master

Prepare through Micro-courses