Varun and Karan are partners sharing profits and losses in the ratio of 2:1. Their capitals at the end of the financial year 2024-25 were Rs. 1,80,000 and Rs. 90,000. During the year 2024-25, drawings of Varun and Karan were Rs. 30,000 and Rs. 10,000 respectively, which had been duly debited to partner's capital accounts. Profit before charging interest on capital for the year was Rs. 24,000, the same had also been distributed in their profit sharing ratio. Further Karan brought additional capital of Rs. 20,000 on December 31, 2024. Calculate interest on capital for Varun @ 10% p.a. for the year 2024-25.

Which of the following is not accounted for in the books and shown as an asset?

If the amount is withdrawn at the end of each quarter, the interest is calculated on the total money withdrawn during the year, for a period of _______?

Under the fixed capital method, the capital of the partners shall remain fixed unless additional capital is introduced or a part of the capital is withdrawn as per the agreement between the partners. Which among the following is NOT the feature of the fixed capital method?

Aashish withdrew Rs. 10,000 per month from the firm for his personal use during the year ending March 31, 2017. What will be the amount of interest if the amount is withdrawn at the beginning of each month and rate of interest on drawings is 8% per annum?

Which statement is not true about Capital Accounts of Partner-

Calculate Interest on drawings for the amount of Rs. 3000 drawn on September 30, 2019