Sameer and Yasmin are partners with capitals of Rs 15,00,000 and Rs 10,00,000 respectively. They agreed to share profits in the ratio of 3:2. The books are closed on March 31, every year. They admit Ravi on October 1, 2019 in the partnership, who bring Rs 12,00,000 as capital and Sameer also introduced additional capital Rs 3,00,000 on that date. Interest on partner's capital is provided @5% p.a. The amount of interest on the capital of Sameer for the year 2019-20 is-
Answer & explanation
Correct answer: option 2
The correct answer is Option (2) → 82,500
Interest on capital is worked out on each amount of capital for the time it stayed in the firm. Sameer's original capital earned interest for the whole year; the additional capital he brought on October 1 earned interest for 6 months only. Ravi's capital does not enter Sameer's interest.
On Rs 15,00,000 for 12 months = 15,00,000 × 5/100 = Rs 75,000
On Rs 3,00,000 from October 1 to March 31 (6 months) = 3,00,000 × 5/100 × 6/12 = Rs 7,500
Interest on Sameer's capital = 75,000 + 7,500 = Rs 82,500
Rs 75,000 is the figure a student gets by forgetting the additional capital.
NCERT (2026-27 edition):
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