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Anju, Manju and Mamta are partners whose fixed capitals were Rs 10,000,Rs. 8,000 and Rs. 6,000, respectively. As per the partnership agreement, there is a provision for allowing interest on capitals @ 5% p.a. but entries for the same have not been made for the last three years. The profit sharing ratio during there years remained as follows:

Year Anju Manju Mamta
2004 4 3 5
2005 3 2 1
2006 1 1 1

1 Answer

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Best answer

Interest on Capital 

Anuj = 10,000 x 5% = 500

Manju = 8,000 x 5 = 400 

Mamta = 6,000 x 5% = 30

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