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Question
Sara and Tara were partners in a firm. Their capitals as on 1st April, 2023 were ₹ 6,00,000 and ₹ 4,00,000 respectively. On 1st October, 2023, Tara withdrew ₹ 1,00,000 for personal use. According to the partnership deed, interest on capital was allowed @ 8% p.а.
The amount of interest allowed on Tara’s capital for the year ended 31st March, 2024 was:
Options
₹ 28,000
₹ 30,000
₹ 48,000
₹ 32,000
MCQ
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Solution
₹ 32,000
Explanation:
Interest on Tara’s Capital = `4,00,000 xx 8/100 `
= 4,000 × 8
= ₹ 32,000
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Chapter 1: Accounting for Partnership Firms - Fundamentals - OBJECTIVE TYPE QUESTIONS [Page 1.153]
