X and Y are partners in the ratio of 3 : 2. Their capitals are Rs. 2,00,000 and Rs. 1,00,000 respectively. The interest on capitals is allowed @ 8% per annum. The firm earned a profit of Rs. 60,000 for the year ending on 31st March 2019. The interest on capital will be
A. X - Rs. 16,000, Y - Rs. 8,000
B. X - Rs. 8,000, Y - Rs. 4,000
C. X - Rs. 14,400, Y - Rs. 9,600
D. No interest will be allowed
Answer: Option A
This Question Belongs to Commerce >> Accounting
Accounting provides information on
A. Cost and income for managers
B. Company's tax liability for a particular year
C. Financial conditions of an institutions
D. All of the above
The long term assets that have no physical existence but are rights that have value is known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
Patents, Copyrights and Trademarks are
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
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