26. Wayne and Tim are partners. Total interest on loan extended by Wayne to firm is Rs. 20,000. Firm has net profit of Rs. 5,000. The capital of Wayne be Wayne's share of profit/loss? 2129 a. Profit Rs. 7,500 Loss Rs. 7,500 Profit Rs. 2,500 Loss Rs. 2,500
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Answer:
alculation of interest on drawings:
B's interest= 48000 * 10/100 * 6/12
= 2400
M's interest= 36000 * 10/100 * 6/12
= 1800
Note: Drawings are made evenly in the middle of every month, hence it is calculated for a period of 6 months.
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SIMILAR QUESTIONS
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Ram and Mohan, are partners. They Draw for private use Rs. 6,000 and Rs. 4000 respectively. Interest is chargeable @ 6% per annum on drawings. What is the interest?
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If a fixed amount is withdrawn on the middle day of every month of a calendar year, the interest on the total amount of drawings will be calculated for ________.
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