Anwar and benoy are partner in the firm sharing profit and losses in the ratio of 5:3 .Their capital balance as on 1 jan 2014 anwar Rs.40000 and benoy Rs. 30000 . As per the agreement the partner are entitled to 6% interest per annum on their capital. On 1 jan 2014 anwar had withdrawn Rs.5000 and On 1 sept 2014 benoy had withdrawn Rs 10000 out of capital .
Calculate the interest payable on the capital of anwar and benoy during the year ended 31 dec 2014.
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interest on anwar's capital = 40,000-5000×6/100 = 2100
interest on Benny's capital = 30,000×6/100×5/12 = 750
add:- next 7 months = 20,000×6/100×7/12 = 700
total interest to benoy = 750+700 = 1450
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