| Vinod, Gagan and Kamlesh are partners sharing profits in the ratio of 5:3:2. Their capital balances as on 1st April, 2020 were: |
| Vinod's Capital Account............................................................... 6,00,000 Credit |
| Gagan's Capital Account ..............................................................4,00,000 Credit |
| Kamlesh's Capital Account.............................................................(50,000) Debit |
| On 1st October 2020 it was decided that their capitals should be Rs. 5,00,000 each. The necessary adjustments were made on the same day by introducing OR withdrawing cash. Interest on capital is allowed @10% p.a. as per partnership deed. |
| How much interest on capital is to be allowed to Vinod? |
A) 60,000
B) 50,000
C) 55,000
D) 45,000
Correct Answer: C
Solution :
55,000
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