Question

X and Y are partners in the ratio of 3 : 2. Their capitals are 2,00.000 and 1,00.000 respectively. Interest on capitals is allowed @ 8%.p.a. Firm earned a profit of 60,000 for the year ended 31st March 2019. Interest on Capital​

Answer 1

Answer:

Explanation:

Given datas:-

• X and Y are partners in the ratio of 3 : 2.
• Their capitals are 2,00.000 and 1,00.000 respectively
• Interest on capitals is allowed @ 8%.p.a.
• Firm earned a profit of 60,000 for the year ended 31st March 2019
• Calculate Interest on Capital​

Intrest on capital:-

• X's intrest = 2,00,000 × 8/100 = 16,000
• Y's intrest = 1,00,000 × 8/100 = 8,000

Calculation of profit:-

• 60,000 - 16,000 - 8000 = 36,000
• X's share = (3/5) = 21,600
• Y,s share = (2/5) = 14,400