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in Accounting for Partnership – Basic Concepts by (25.6k points)
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Kiran and Keerti are partners sharing profits in the ratio 3:2. Their capital accounts as on the closing date of the year was Rs.60,000 and Rs.40000 respectively. During the year they made a net profit of Rs.50,000, it was subsequently found that the interest on capital entitled to the partners @ 6% per annum is omitted to record in the books. During the year they withdrew Rs.10000 and Rs.5000 respectively. Find the amount of interest on capital.

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Best answer

Calculation of opening capital

Interest on capital 

Kiran = 40000 x 6/100 = 2400 

Keerthi = 25000 x 6/100 = 1500

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