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Question
Arjun and Bhim were partners in a firm sharing profits in the ratio 3 : 2. On 31st March 2023, their capitals were ₹ 1,29,000 and ₹ 1,08,000, respectively. Divisible Profit for the year ended 31st March 2023 was ₹ 50,000. Interest on capital was also provided @ 10% p.a. in accordance with the partnership deed. Determine interest on Arjun’s Capital for the year ended. 31.03.2023.
Options
₹ 9,900
₹ 9,000
₹ 12,900
₹ 10,400
MCQ
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Solution
₹ 9,000
Explanation:
| Particulars | Amount (₹) |
| Closing Capital of Arjun | 1,20,000 |
| Less: Share of Profit = `50,000 xx 3/5` | 30,000 |
| Closing Capital, including interest on Capital | 99,000 |
| Opening Capital = `99,000 xx 100/110` | 90,000 |
| Interest on Capital | 9,000 |
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