7\ X and Y are partners in 3:2. Their capital balances as on 1st April 2020 amounting to OMR 200,000 each. On 1st February, 2021, X contributed an additional capital of OMR 100,000.

Following are the terms of deed:

a) Interest on capital @ 3% per annum

b) Interest on drawings @ 4% per annum

Drawings of the partners were OMR20,000 and OMR30,000 respectively during the year. Net profit earned by the firm was OMR 208,000.

Choose the correct option based on the above information:

1. What is the amount of Interest on capitals of X and Y?

a\ OMR 6,000 each

b\ OMR 6,000 to X and OMR 6,500 to Y

v\ None of the above.

d\ OMR 6,500 to X and OMR 6,000 to Y

2. What is the amount of interest on drawings of X and Y?

a\ OMR 600 and OMR 400 respectively

b\ OMR 400 and OMR 600 respectively

c\ OMR 800 and OMR 1,200 respectively

d\ OMR600 and OMR 900 respectively

choose the correct answer