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 1
The correct answer is Option (1) → Rs. 82,500
Interest on capital is worked out for the period each amount was used in the business. Sameer’s opening capital earns interest for the whole year; the additional capital brought on October 1 earns it for six months only. Ravi’s admission and his capital do not affect Sameer’s interest.
On opening capital: Rs. 15,00,000 × 5/100 = Rs. 75,000
On additional capital (October 1 to March 31 = 6 months): Rs. 3,00,000 × 5/100 × 6/12 = Rs. 7,500
Interest on Sameer’s capital = Rs. 75,000 + Rs. 7,500 = Rs. 82,500
NCERT (2026-27 edition):
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