Question

Ram and Mohan were partners with fixed capitals of  ₹ 3,00,000 and ₹ 2,00,000 respectively. As per their partnership deed, interest on capital was allowed @ 10% p.a. Net profit for the year ended 31st March, 2022 was ₹ 30,000. The amount of interest on capital was credited to each partner's current account for the year ended 31st March, 2022 was:

विकल्प

• Ram ₹ 30,000 and Mohan ₹ 20,000

• Ram ₹ 20,000 and Mohan ₹ 10,000

• Ram ₹ 18,000 and Mohan  ₹ 12,000

• Ram ₹  30,000 and Mohan Nil

Answer 1

Ram ₹ 18,000 and Mohan  ₹ 12,000

Explanation: 

Interest on Ram's Capital `= 3,00,000 xx 10/100 = ₹ 30,000`

Interest on Mohan's Capital `= 2,00,000 xx 10/100 = ₹ 20,000`

Total Profit = 30,000

Interest to be given in ratio 30,000 : 20,000 = 3 : 2   ...[Interest will be credited in the ratio of appropriation (i.e., interest on capital)]

Interest to be credited to Ram = `30,000xx 3/5 = ₹ 18,000`

Interest to be credited to Mohan `= 20,000 xx2/5 = ₹12,000`