A and B started business on 1st January, 2019 with capital of र 60,000 and 40,000 respectively. A introduced 10,000 as additional capital on 1st July, 2019. They withdrew 500 per month for household expenses in lieu of profits. Interest on capitals is to be allowed @ 10% per annum. Calculate the interest on capital payable to A and B for year ended 3lst December, 2019.
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Answer:interest on capital account- A=rs. 6500,B=rs. 4000
Explanation:
Interest on opening capital:
A- 60,000×10% × 12/12 = 600
B- 40,000×10%×12/12 = 4000
Add: interest on additional capital
A- 10,000×10%× 6/12 = 500
A- 600+500=6500
B- 4000
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