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 calculated on each amount of capital for the period it stayed in the business. Sameer’s opening capital earned interest for the whole year; his additional capital of October 1, 2019 earned interest for six months only. Ravi’s capital does not affect Sameer’s interest.
5% on Rs. 15,00,000 for 12 months = Rs. 75,000
5% on Rs. 3,00,000 for 6 months (October to March) = Rs. 7,500
Interest on Sameer’s capital = Rs. 82,500
NCERT (2026-27 edition):
NCERT (2026-27 edition):
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