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Emm and Ell are partners having fixed capitals of ₹ 5,00,000 and ₹ 6,00,000 respectively.

The opening balances in their current accounts were: Emm – ₹ 1,00,000 (Cr.) and Ell – ₹ 1,00,000 (Dr.). Partnership Deed allows interest on capital and also allows and charges interest on Current Accounts @ 6% p.a.

Calculate the interest allowed or charged by the firm.

Anurag Pathak Changed status to publish April 14, 2023
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