Fundamentals of...

A and B are partners sharing profit and losses in the ratio of 3:5. On 1st July, 2012 A and B advanced loan to the business of Rs. 40,000 and Rs.20,000 respectively at the agreed @ 5% p.a. Calculate Interest on loan. When accounting books are closed on 31st December every year and partnership deed allows interest on loan to the partners.

Money withdrawn by a partner on 1st July Rs. 20,000 and interest on drawings is fixed @ 6% (Books are closed on 31st March.) The amount of interest will be Rupees:

Rent paid to a partner comes under:

When a partner withdraws Rs.4000 at the beginning of each quarter, the interest on his drawings @ 6% p.a. will be Rs.:

Interest on capital to be given to X & Y when Profits shown by P/L A/C Rs. 1500 and capitals invested by X & Y are Rs. 30,000 and 20,000 (rate of interest is 10% p.a.).

Salary paid to the manager will be shown in:

Salary paid to a partner will be shown in:

If Rs. 3,000 withdrawn by a partner on the first day of every quarter, interest on drawings will be calculated for:

Under fluctuating Capital method how many accounts of each partner is maintained