Mr. Ramesh started a partnersMr. Ramesh started a partnership firm with his friends Sakhi, Pratham and Riya. He contributes capital in the business, participates actively in the management of the firm, and shares its profits and losses. On the other hand, Riya doesn't participate in the day-to-day activities of the business, however, contributes capital to the firm, shares its profits and losses, just like Ramesh. Sakshi is a renowned artist and she allowed the use of her name by this partnership firm formed by her friends but does not contribute to its capital. Pratham's association with the firm is unknown to the general public. Their partnership was running smoothly as they had enough funds for growth and expansion. But suddenly, Riya dies and after some time they decide to continue their partnership with a new agreement. They thought of raising the amount of money Riya contributed by contracting with Mr. Raj.As per the contract, he advanced a loan of ₹10 lakhs to the firm and in exchange got the power to take few decisions regarding the firm's business. Besides, he got a 9% interest rate on the loan and 12% of the profit earned by the firm.hip firm with his friends Sakhi, Pratham and Riya. He contributes capital in the business, participates actively in the management of the firm, and shares its profits and losses. On the other hand, Riya doesn't participate in the day-to-day activities of the business, however, contributes capital to the firm, shares its profits and losses, just like Ramesh. Sakshi is a renowned artist and she allowed the use of her name by this partnership firm formed by her friends but does not contribute to its capital. Pratham's association with the firm is unknown to the general public. Their partnership was running smoothly as they had enough funds for growth and expansion. But suddenly, Riya dies and after some time they decide to continue their partnership with a new agreement. They thought of raising the amount of money Riya contributed by contracting with Mr. Raj.As per the contract, he advanced a loan of ₹10 lakhs to the firm and in exchange got the power to take few decisions regarding the firm's business. Besides, he got a 9% interest rate on the loan and 12% of the profit earned by the firm.
Answers
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Answer:
Explanation:
Calculation of interest on capital:
(i) Interest on Ramesh's Capital: Rs.
From 1st April, 2017 to 30th June, 2017 =Rs.1,50,000×
100
8
×
12
3
3,000
From 1st July, 2017 to 31st March, 2018 =Rs.2,00,000×
100
8
×
12
9
12,000
15,000
(ii) Interest on Naresh's Capital:
From 1st April, 2017 to 30th June, 2017 =Rs.1,50,000×
100
8
×
12
3
3,000
From 1st July, 2017 to 31st March, 2018 =Rs.2,00,000×
100
8
×
12
9
12,000
15,000