Mazin and Marwan commenced business as partners on Jan 1, 2020. They contributed RO 60,000, RO 40,000 as their share of capital. The partners decided to share their profits in the ratio of 4:2. Interest on capital was to be provided @ 7.5% p.a. The profits of the firm after providing salary and interest on capital were RO 40,000. Calculate Interest on Capital of Mr Mazin? a. 4500 b. 13333.33 c. 2800 d. 26666.66

Mazin and Marwan commenced business as partners on Jan 1, 2020. They contributed RO 60,000, RO 40,000 as their share of capital. The partners decided to share their profits in the ratio of 4:2. Interest on capital was to be provided @ 7.5% p.a. The profits of the firm after providing salary and interest on capital were RO 40,000. Calculate Interest on Capital of Mr Mazin? a. 4500 b. 13333.33 c. 2800 d. 26666.66

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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