How calculate interest on partners capital

This query is : Resolved

Aslam Khatri (Querist)
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18 August 2014 hello
Two partner A an B. partner A op. blace is 207880 and new capital introduced during the year is 400000 on 20-03 and 150000 on 28-03.
B partner 185880 no new capital introduced.
so how to calculate interst @12% and what is amount of interest.

CA Devanand Jethanandani

CA Devanand Jethanandani (Expert)
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18 August 2014 Dear Aslam,

It is simple, take no. of days loan utilised and apply rate of interest.

For your ready reference, interest working is given below,

A Capital Days Rate Interest
207880 365 12% 24946
400000 12 12% 1578
150000 4 12% 197
Total 757880 26721

B

Total 185880 365 12% 22306

Note: Day on which capital introduced is taken into account for working interest.

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Aslam Khatri

Aslam Khatri (Querist)
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18 August 2014 thank u sir
my doubt is clear..

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CA Devanand Jethanandani

CA Devanand Jethanandani (Expert)
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18 August 2014 Welcome dear friend.