Hi friends test your understanding and give answer to following question..

Basic Question:

D, E and F were partners in a firm sharing profit in ratio of 5:7:8.  Ther fixed capital were D= 5 lakh; E= 7 lac and F= 8 lac. Their partnership deed provided for the following. 

a) Interest on capital @ 10% p.a.

b) Salary to F =10,000 p.m.

c) Interest on drawing at 12 % p.a.

D withdrew Rs. 40000 on 31st Jan 2009, E withdrew 31st Mar anf F withdrew 30000 on 31st Dec 2009.

During the year ended 31st dec 2009, the firm earned a profit of 3,50,000.

Calculate 

1. Interest on capital

2. Interest on drawing

3. Net divisible profit.

First comment with right answer would be winner!!