Saloni and Srishti are partners in a firm. Their capital accounts as on April 01. 2019 showed a balance of Rs. 2,00,000 and Rs. 3,00,000 respectively. On July 01, 2019, Saloni introduced additional capital of Rs. 50,000 and Srishti, Rs. 60,000. On October 01, 2019 Saloni withdrew Rs. 30,000, and on January 01, 2020 Srishti withdrew Rs. 15,000 from their capitals. Interest is allowed @ 8% p.a. Calculate interest payable on capital to Saloni during the financial year 2019- 2020.
Answer & explanation
Correct answer: option 2
The correct answer is Option (2) → Rs. 17,800
Interest on capital is worked out period by period: on the opening capital until the first change, then on the new balance after each introduction or withdrawal. Srishti’s figures do not affect Saloni’s interest.
April 1 to June 30 (3 months): Rs. 2,00,000 × 8/100 × 3/12 = Rs. 4,000
July 1 to September 30 (3 months): Rs. 2,50,000 × 8/100 × 3/12 = Rs. 5,000
October 1 to March 31 (6 months): Rs. 2,20,000 × 8/100 × 6/12 = Rs. 8,800
Total interest to Saloni = Rs. 17,800
Rs. 8,800 (Option (1)) is only the last six months’ interest.
NCERT (2026-27 edition):
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