28. Vinod and Mohan are partners sharing profits and losses in the ratio of 4 : 3. From the following Balance Sheet, calculate interest on Capital @ 6% p.a. for the year ended 31st March, 2025:
BALANCE SHEET as at 31st March, 2025 | |||
Liabilities | Rs. | Assets | Rs. |
Capital A/cs: | Sundry Assets | 2,76,000 | |
Vinod 1,60,000 | |||
Mohan 80,000 | 2,40,000 | ||
Profit & Loss Appropriation A/c (2024-25) | 36,000 | ||
2,76,000 | 2,76,000 |
During the year, Vinod’s drawings were ₹20,000 and Mohan’s drawing were ₹12,000. Profit during the year was ₹64,000.
Answer :