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Standard XII

Accountancy

Providing Interest on Capital

X and Y are t...

Question

X and Y are two partners with a capital of Rs. 35,000 and Rs. 30,000 respectively. They are allowed interest @10% on the total capital. Find the interest allowed to $X$ and $Y$ .

Rs. 3500, 3000

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Rs. 2500, 2890

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Rs. 3200, 3100

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Rs. 3700, 3500

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Solution

The correct option is A Rs. 3500, 3000
Capital of partners-:
X - 35,000 ; Y - 30,000
So,
X capital is 35,000, and interest is 3,500 on 10%
Y capital is 30,000, and interest is 3,000 on 10%.

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Similar questions

Q. X and Y are partners with the capital of Rs. 50,000 and Rs. 30,000 respectively. Interest payable on capital is 10% p.a. Find the interest on capital for both the partners when the profits earned by the firm is Rs. 4,800?

Q. X and Y are partners sharing profits and losses in the ration of 3:2 having the capital of Rs. 1,60,000 and Rs. 1,00,000 respectively. They are entitled to 9% p.a. interest on capital before distributing the profits. During the year firm earned Rs.15,600 before allowing any interest on capital. Profits apportioned among X and Y is ___________.

X and Y are partners with the capital of Rs 50,000 and Rs 30,000 respectively. Interest payable on capital is 10% p.a. Find the interest on capital for both the partners when the profits earned by the firm is Rs 4,800.

X

and

Y

are partners in a firm sharing profits and losses in the ratio of 3 : 2.

On 31st March 2018 after closing the books of account, their Capital Accounts stood at Rs. 4,80,000 and Rs. 6,00,000 respectively .

On 1st May, 2017,

X

introduced an additional capital of Rs. 1,20,000 and Y withdrew Rs. 60,000 from his capital. On 1st October, 2017, X withdrew Rs. 2,40,000 from his capital and Y introduced Rs. 3,00,000. Interest on capital is allowed at 6% p.a. Subsequently, it was discovered that interest on capital @ 6% p.a. had been omitted. The profits for the year ended 31st March, 2018 amounted to Rs. 2,40,000 and the partners drawings had been: X- R. 1,20,000 and Y - Rs. 60,000. Compute the interest on capital if the capitals are
(a) fixed, and (b) fluctuating.

X

and

Y

are partners sharing profits and losses in the ratio of

7 : 3

. Their Capital Accounts as at 1st April, 2017 stood at

X - R s .5, 00, 000; Y - R s . 4, 00, 000

. The partners are allowed interest on capital @

5 %

.p.a. The drawings of the partners during the year ended 31st March, 2018 amounted to

R s . 72, 000

and

R s .50, 000

respectively. The profit for the year before allowing interest on capital and salary to

Y

R s .5, 000

per month amounted to

R s . 8, 00, 000

10 %

of the divisible profit is to be set aside as General Reserve.
Prepare an account showing the allocation of profits, Partners' Capital and Current Accounts.

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X and Y are two partners with a capital of Rs. 35,000 and Rs. 30,000 respectively. They are allowed interest @10% on the total capital. Find the interest allowed to X and Y.

The correct option is A Rs. 3500, 3000Capital of partners-:X - 35,000 ; Y - 30,000So, X capital is 35,000, and interest is 3,500 on 10% Y capital is 30,000, and interest is 3,000 on 10%.

X and Y are two partners with a capital of Rs. 35,000 and Rs. 30,000 respectively. They are allowed interest @10% on the total capital. Find the interest allowed to $X$ and $Y$ .

The correct option is A Rs. 3500, 3000
Capital of partners-:
X - 35,000 ; Y - 30,000
So,
X capital is 35,000, and interest is 3,500 on 10%
Y capital is 30,000, and interest is 3,000 on 10%.