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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Interest on A's Capital: Rs.
Interest on Rs.6,00,000 for one year: (Rs.6,00,000×
100
10
)
Interest on Rs.1,00,000 for 6 months: (Rs.1,00,000×
12
6
×
100
10
)
(from 1st October, 2017 to 31st March, 2018) 60,000
5,000
65,000
Interest on B's Capital:
Interest on Rs.4,00,000 for one year Rs.4,00,000×
100
10
Rs.40,000
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