IOC and type of capital a/cs

Rani and Shyam is partner in a firm. They are entitled to interest on their capital but the net profit was not sufficient for paying his interest, then the net profit will be disturbed among partner in

• 1: 2

• Profit Sharing Ratio

• Appropriation Ratio

• Equally

X and Y are partners in the ratio of 3: 2. Their capitals are ₹2,00,000 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:

• X ₹16,000; Y ₹8,000

• X ₹8,000; Y ₹4,000

• X ₹14,400; Y ₹9,600

• No Interest will be allowed

Ram and Mohan were partners with fixed capitals of Rs. 3,00,000 and Rs. 2,00,000 respectively. As per their partnership deed, interest on capital was allowed @ 10% p.a. Net profit for the year ended 31st March, 2022 was Rs. 30,000. The amount of interest on capital was credited to each partner’s current account for the year ended 31st March, 2022 was:

• Ram Rs. 30,000 and Mohan Rs. 20,000

• Ram Rs. 20,000 and Mohan Rs. 10,000

• Ram Rs. 18,000 and Mohan Rs. 12,000

• Ram Rs. 30,000 and Mohal Nil

Calculate interest payable on capital to Saloni (a partner) during the financial year 2019–2020.

Saloni's capital accounts as on April 01. 2019 showed a balance of Rs. 5,00,000. On July 01, 2019, Saloni introduced additional capital of Rs. 1,00,000. On October 01, Saloni withdrew Rs. 2,00,000 from her capital.

Interest is allowed @ 12% p.a.

• Rs. 57,000
• Rs. 50,000
• Rs. 70,000
• Rs. 45,000

Josh and Krish are partners sharing profits and losses in the ratio of 3:1.

Josh's capital at the end of the financial year 2015-2016 was Rs. 1,50,000.

During the year 2015-2016, Josh’s drawings were Rs. 20,000 which had been duly debited to partner’s capital accounts.

Profit before charging interest on capital for the year was Rs. 16,000 and the same had also been credited in their profit-sharing ratio.

Josh had brought additional capital of Rs. 18,000 on October 1, 2015

Calculate interest on capital @ 10% p.a. for the year 2015-2016.

• Rs. 12,000
• Rs. 18,500
• Rs. 14,900

• Rs. 20,000

Under fixed capital system, there are _______ accounts

• 1

• 2

• Either 1 or 2

• none of these