Anna and Bobby were partners sharing profits and losses in the ratio of 5:3. On 1st April, 2019 their capital accounts showed balances of Rs. 3,00,000 and Rs. 2,00,000 respectively. The partnership deed provided for interest on capital @10% p.a. and the firm earned a profit of Rs.45,000 for the year ended 31st March, 2020. The interest on partner's capital will be
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Explanation: Profit Rs 45,000 is not adequate to pay Interest on Capital which is Rs 50,000-Anna Rs 30,000 and Bobby Rs 20,000 Profit of Rs 45,000 will be credited to their respective Capital Accounts in the ratio of approprations to be made of Anna and Bobby, i.e., Rs 30,000: Rs 20,000 or 3:2. Thus, Anna will get Rs 27,000 and Bobby will get Rs 18,000.
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