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Alex and Becky commenced a partnership under the name and style Lexy Enterprises on 7th January 2023. They contributed Sh. 90,000,000 and Sh. 48,000,000 as capital respectively. The following additional information is provided: The firm's net profit for the year was Sh. 42,084,000. Alex and Becky were paid salaries amounting to Sh. 9,000,000 and Sh. 6,000,000 respectively. Their drawings amounted to Sh. 13,000 and Sh. 16,400 respectively. Interest on capital is to be allowed at 10% per year. Profits and losses are to be shared equally.
Required: Use the above information to compute the interest on capital Alex will earn.
Sagot :
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