Multiple Choice Questions on Xand Y are partners in the ratio of 3 2 Their capitals are 2 00 000 and 1 00 000 respectively Intere........... for Commerce 12th Preparation

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Multiple Choice Questions

Xand Y are partners in the ratio of 3 2 Their capitals are 2 00 000 and 1 00 000 respectively Intere...........

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    Xand 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 will be :

    X 16,000; Y  8,000

    Correct Answer

    V 8.000;  Y  4,000

    Incorrect Answer

    X 14,400; Y  9,600

    Incorrect Answer

    No Interest will be allowed

    Incorrect Answer
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    Explanation:

    - X 16,000; Y 8,000 (Option 1):

    - Calculate interest: X's capital (2,00,000) x 8% = 16,000; Y's capital (1,00,000) x 8% = 8,000.

    - Total interest = 24,000, which is less than the profit of 60,000.

    -  Correct Answer: X 16,000; Y 8,000

    - X 8,000; Y 4,000 (Option 2):

    - Incorrect calculation of interest on capitals.

    - X 14,400; Y 9,600 (Option 3):

    - Incorrect amounts, does not reflect 8% interest rate correctly.

    - No Interest will be allowed (Option 4):

    - Incorrect, as there is sufficient profit to allow for interest on capital.

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