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

Calculate interest on capital @ 10% p.a. for a partner Mohan from the following information:

01.04.2020 Opening Capital 1,00,000

30.04.2020 Additional capital 50,000

01.08.2020 Withdrawn for personal use against capital 50,000

30.09.2020 Withdrawal of capital 20,000

31.12.2020 Additional capital 40,000

Interest on capital calculated on 31st March 2021;

A) 10,583

B) 11,250

C) 10,000

D) 14,583

Correct Answer: B

Solution :

11,250