[NCERT] Q 14 Accounting for Partnership Basic Concepts Solutions Class 12
Solutions of Question number 14 of Accounting for Partnership Basic Concepts NCERT Accountancy Solution Class 12 CBSE Board.
Rahul, Rohit and Karan started partnership business on April 1, 2019 with capitals of ₹ 20,00,000, ₹ 18,00,000 and ₹ 16,00,000, respectively.
The profit for the year ended March 2020 amounted to ₹ 1,35,000 and the partner’s drawings had been Rahul ₹ 50,000, Rohit ₹ 50,000 and Karan ₹ 40,000. The profits are distributed among partner’s in the ratio of 3 : 2 : 1. Calculate the interest on capital @ 5% p.a.
[Ans : Rahul, ₹ 1,00,000, Rohit, ₹ 90,000, Karan ₹ 80,000]
Solution:-
