Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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:
fast i need it now
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started