X and Y are partners with the capital of ₹ 50,000 and ₹ 30,000 respectively. Interest payable on…
Interest at 10% would be ₹ 5,000 for X and ₹ 3,000 for Y. Since the available profit is only ₹ 4,800, the interest appropriation is allocated in the ratio 5 : 3. X receives…
Choose your answer
X and Y are partners with the capital of ₹ 50,000 and ₹ 30,000 respectively. Interest payable on capital is 10% p.a. If the profits earned by the firm is ₹ 4,800, what will be the Interest on Capital for X and Y ?
Answer and explanation
Correct answer B
Interest at 10% would be ₹ 5,000 for X and ₹ 3,000 for Y. Since the available profit is only ₹ 4,800, the interest appropriation is allocated in the ratio 5 : 3. X receives ₹ 3,000 and Y receives ₹ 1,800.
Practice for these exams
-
Himachal Pradesh SET (HP SET)