29. From the following Balance Sheet of Long and Short, calculate interest on capital 8% p.a. for the year ended 31st March, 2025:
BALANCE SHEET as at 31st March, 2025 | |||
Liabilities | Rs. | Assets | Rs. |
Long’s Capital A/c | 1,20,000 | Fixed Assets | 3,00,000 |
Short’s Capital A/c | 1,40,000 | Other Assets | 60,000 |
General Reserve | 1,00,000 | ||
3,60,000 | 3,60,000 |
During the year, Long withdrew ₹40,000 and Short withdrew ₹50,000. Profit for the year was ₹1,50,000 out of which ₹1,00,000 was transferred to General Reserve.
Answer :