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Ram and Mohan are partners and their capitals for the year ended 31st March 2023 were ₹ 2,40,000 and ₹ 1,80,000 respectively.

During the year 2022-23, Ram’s and Mohan’s drawings were ₹ 40,000 and ₹ 60,000 respectively. Profit (before charging interest on capital) during the year was ₹ 1,60,000.

Calculate interest on capital @ 5% p.a. for the year ended 31st March, 2023.

Anurag Pathak Changed status to publish 2 mins ago
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