Question : X and Y are Partners in a Ratio of 3:2. Their capitals are Rs. 2,00,000 and Rs. 1,00,000, respectively. Interest on capital is allowed @8% p.a. The firm earned a profit of Rs. 60,000 for the year ended March 31st, 2019. Interest on capital will be
Option 1: X Rs. 16,000, Y Rs. 8,000
Option 2: X Rs. 8,000, Y Rs. 4,000
Option 3: X Rs. 14,400, Y Rs. 9,600
Option 4: No interest will be allowed.
Correct Answer: X Rs. 16,000, Y Rs. 8,000
Solution : Answer = X Rs 16,000, Y Rs 8,000 Interest on capital X=2,00,000×8%=16000 Y=1,00,000×8%=8,000 Hence, the correct option is 1.
Question : A and B are equal partners with capitals of Rs.2,00,000 and Rs.1,00,000 respectively. As per deed, they are allowed an interest @ 8% p.a. on capital. During the year, the firm earned a profit of Rs.12,000. Interest on capital allowed to A and B will be:
Question : X and Y are partners with capitals of Rs 3,00,000 and 2,50,000, respectively. They are entitled to interest on capital @ 6% p.a. The Firm earned a profit of Rs 55,000 after charging interest on capital. If the manager is entitled to 10% of net profit after charging his
Question : A and T are equal partners with fixed Capitals of Rs. 2,00,000 and Rs. 1,00,000, respectively. After closing the accounts for the year ending 31st March 2019. It was discovered that interest on capital 8% p.a. was omitted to Be provided. In the adjustment Entry:
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