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Mr. Mansoor and Ms. Rehma who are partners in a firm and their capital accounts showed a balance of OMR 200,000 and OMR 150,000 respectively
Mr. Mansoor and Ms. Rehma who are partners in a firm and their capital accounts showed a balance of OMR 200,000 and OMR 150,000 respectively on Jan 1, 2015. Mr. Mansoor introduced additional capital of OMR 1,00,000 on August 1, 2015, and Ms. Rehma brought in further capital of OMR 1,50,000 on October 1, 2015. Interest is to be allowed @ 6% p.a. on the capitals. Calculate the interest on capital of Mr. Mansoor for the year ending Dec 2015
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