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

  • question_answer
    After closing accounts, it was found that interest on capital of Mr. Rishi @ 12% p.a. was omitted:
    His capital (Fluctuating) balance as on 31.03.20 is 5,00,000
    Additional capital introduced on 01.07.2020 is 1,00,000
    Drawing against profit on 01.10.2020 is 60,000
    Mr. Rishi's salary is 80,000 p.a.
    Mr. Rishi's commission is 10,000
    Interest on drawing (Mr. Rishi)                                       5000 p.a.
    Interest on his capital will be:

    A) 60,000

    B) 50,400

    C) 54,000

    D) 50,000

    Correct Answer: C

    Solution :

    54,000


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