Question

7. X and Y are partners in a firm sharing profits in ratio 3:2. On 1-1-2019,
their capitals were 1,00,000 and 1,50,000 respectively. On 31-3-2019,
they decided that total capital of the firm should be * 3,00,000 to be
shared in their profit ratio. Accordingly, they introduced or withdrew
their capital in cash. Calculate interest on capital on 31st December,
2019 @ 10% p.a.
[Ans. X-16,000 and Y-12,750]​

Answer 1

Answer:

X-  RS.16000

Y-   RS.12750

Explanation:

X'S CAPITAL-  

100000 FOR 12 MONTHS= 100000x10/100=10000

NOW 300000 IS TO BE DIVIDED IN 3:2

THEREFORE X'S SHARE= 180000

NOW 80000 IS EXCESS FOR 9 MONTHS

THEREFORE 80000x10/100x9/12=6000

TOTAL IOC= 10000+6000=16000

Y'S CAPITAL

150000 FOR 3 MONTHS= 150000x10/100x3/12=3750

Y'S SHARE=120000

THEREFORE NEW CAPITAL IS 120000 FOR 9 MONTHS

SO, 120000x10/100x9/12=9000

TOTAL IOC= 3750+9000=12750

Answer 2

Answer:

X - 16000

Y - 12750

Explanation:

Net profit = 300000

Divide 300000 in ratio of 3:2

X:300000×3/5=180000

Y:300000×2/5=120000

X

100000×9/12×10/100 =2500

X

180000×9/12×10/100=13500

13500+2500=16000

Y

150000×3/12×10/100=3750

Y

120000×9/12×10/100=9000

9000+3750=12750