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Question : Banwari, Girdhari and Murari are partners in a firm sharing profits and losses in the ratio of 4: 5: 6. On 31st March, 2014, Girdhari retired. On that date the capitals of Banwari, Girdhari and Murari before the necessary adjustments stood at Rs. 2,00,000, Rs. 1,00,000 and Rs. 50,000 respectively. On Girdhari's retirement, goodwill of the firm was valued at Rs. 1,14,000. Revaluation of assets and reassessment of liabilities resulted in a profit of Rs. 6,000. General Reserve stood in the books of the firm at Rs. 30,000 .

The amount payable to Girdhari was transferred to his Loan Account. Banwari and Murari agreed to pay Girdhari two yearly instalments of Rs. 75,000 each including interest @10% p.a. on the outstanding balance during the first two years and the balance including interest in the third year. The firm closes its books on 31st March every year
Question:
Interest charged on March 31, 2015 is

Option 1: Rs 7,500

Option 2: Rs 10,000

Option 3: Rs 15,000

Option 4: None of the above


Team Careers360 4th Jan, 2024
Answer (1)
Team Careers360 5th Jan, 2024

Correct Answer: Rs 15,000


Solution : Answer = Rs 15000

Interest charged on March 31, 2015 is

1,50,000 x 10% = Rs 15000
Hence, the correct option is 3.

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