Question

Ramesh and Suresh are partners in a firm. Their capital accounts showed the balance on January 1, 2019 as Rs.40,000 and Rs.30,000 respectively. During the year, Ramesh introduced additional capital of Rs.20,000 on May 1, 2019 and Suresh brought in further capital of Rs.30,000 on July 1, 2019. Suresh withdrew Rs.10,000 from his capital on October 1, 2019. Interest is allowed @6% p.a. on the capitals. Calculate the interest to be paid on capitals of Ramesh and Suresh.


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Answer 1

. Ramesh

40,000+20,000=60,000

60,000×6/100=3,600

. Suresh

30,000+30,000=60,000

60,000×6/100=3,600

Therefore the interest on capital is 3,600 and 3,600.

Total interest on capital is 7,200.

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