Dan and Baker are in partnership with capitals of N50,000 and N30,000 each. The partnership agreement provides that: 
(i) profits be shared in the ratio of capital 
(ii) both partners earn interest on capital at 6% p.a 
(iii) both parents pay interest on drawings at 6% p.a. 
At the end of the year, Dan drew N15,000 while baker drew N14,000 in four installments on 31/3, 30\6, 30\9 and 30\12. The net profit for the year was N48,000. N5000 is to be written off the goodwill account.

Determine the total interest on capital due to the partners?

Similar Questions

The entries to record goods bought for cash are: debit ...

Use the following information to answer the given question \(\begin{array}{c|c} & Le \\ \hl...

The accounting convention which states that profit must not be recognized until realized while all l...

When the fixed capital method is used, the partners' share of profits and remunerations are cred...

Which of the following relates to the essence of partnership? To ...

In the absence of a partnership deed, the act stipulates that ...

Use the following information to answer the given question. \(\begin{array}{c|c} & & N ...

In-not-profit-making organizations, accumulated fund is the name for ...

The partners capital are: Modibbo #60,000 and Jakata #90,000. The partners share profit and losses...

Use the following to answer the given question Creditors Control Account: \(\begin{array}{c|c}...