Sameer and Yasmin are partners with capitals of and respectively, sharing profits in the ratio of . They admit Ravi on October 1, 2019. Ravi brings as capital, and Sameer introduces an additional capital of on that same date. Interest on partner's capital is provided @ p.a. The amount of interest on the capital of Sameer for the financial year 2019-20 is:
- A55,000
- B82,500
- C75,000
- D50,000
Solution & Step-by-step Explanation
Let's calculate the interest on capital for Sameer step-by-step for the year ending March 31, 2020:Interest on Opening Capital () for the full year (12 months):
Interest on Additional Capital () from October 1, 2019 to March 31, 2020 (6 months):
Total Interest on Capital for Sameer:
Interest on Additional Capital () from October 1, 2019 to March 31, 2020 (6 months):
Total Interest on Capital for Sameer: