12th Class Accountancy Fundamentals of Partnership Question Bank MCQs - Accounting for Partnership Firm - Fundamentals

Calculate interest on capital @ 10% p.a. of Rishi (partner) from the following information:

01.04.2020 Opening Capital 5,00,000

30.04.2020 Additional capital 50,000

31.07.2020 Additional capital 1,00,000

01.08.2020 Drawings 50,000

30.09.2020 Withdrawal of capital 2,00,000

31.12.2020 Additional capital 2,00,000

Interest on capital calculated on 31st March 2021:

A) 51667

B) 51667

C) 55417

D) 56250

Correct Answer: D

Solution :

56250