Ajay and Vijay are partners sharing profits in the ratio of 3:2. Ajay is a non-working partner and contributes ₹ 20,00,000 as his capital. Vijay is a working partner of the firm. The Partnership Deed provides for interest on capital @ 8% p.a. and salary to every working partner @ ₹ 8,000 p.m. Profit before providing for interest on capital and partner’s salary for the year ended 31st March, 2021, was ₹ 80,000.Q1. How much interest on capital is payable to Ajay? a) ₹ 50,000 b) ₹ 1,60,000 c) ₹80,000 d) ₹ 1,00,000 Q2. What is the amount of salary payable to Vijay? a) ₹ 96,000 b) ₹ 30,000 c) ₹ 60,000 d) ₹ 80,000 Q3. What is the amount of net profit to be transferred to Profit and Loss Appropriation account? a) ₹ 50,000 b) ₹ 30,000 c) ₹ 80,000 d) ₹ 60,000 Q4. What is the amount of profit to credited to Ajay’s capital account? a) ₹ 40,000 b) ₹ 60,000 c) ₹ 80,000 d) None of these