X and Y are partners in the ratio of 3:2. Their capitals are RS2,00,000 and ₹1,00,000 respectively. Interest on capitals is allowed @ 8% p.a. Firm incurred a loss of ₹60,000 for the year ended 31st March 2019. Interest on Capital will be :
A. X ₹16,000; Y ₹8,000
B. A ₹8,000; Y ₹4,000
C. X ₹14,400; Y ₹9,600
D. No Interest will be allowed
Answer:D
X and Y are partners in the ratio of 3:2. Their capitals are RS2,00,000 and ₹1,00,000 respectively. Interest on capitals is allowed @ 8% p.a. Firm incurred a loss of ₹60,000 for the year ended 31st March 2019. Interest on Capital will be :
A. X ₹16,000; Y ₹8,000 B. A ₹8,000; Y ₹4,000 C. X ₹14,400; Y ₹9,600 D. No Interest will be allowed