Read the hypothetical text and answer the following questions.Umesh and Mahesh are partners in a firm. On 1st April, 2020, their capitals were ₹ 4,00,000 and ₹ 6,00,000. The profit for 2020-21 was ₹ 5,24,000. Partnership Deed provided that interest on drawings/capital to be calculated @ 10%, Mahesh had withdrawn ₹ 1,00,000 on 31st December,2020. In addition to it, rent (in case of any partner providing his premises for business) for premises decided to be ₹ 8,000 per month. Due to lockdown during pandemic, the partners decided to shut down the factory and shifted to Umesh’s farmhouse on 1st August, 2020.Q1. What amount is to be transferred to Profit and Loss Appropriation Account? a) ₹ 5,24,000 b) ₹ 5,00,000 c) ₹ 4,88,000 d) ₹ 4,60,000 Q2. What is the interest on drawings of Mahesh? a) ₹ 10,000 b) ₹ 7,500 c) ₹ 2,500 d) ₹ 3,000 Q3. What is total interest on capitals of both partners? a) ₹ 1,00,000 b) ₹ 50,000 c) ₹ 2,00,000 d) ₹ 1,25,000 Q4. What is net distributable profit? a) ₹ 5,00,000 b) ₹ 3,62,500 c) ₹ 5,02,500 d) ₹ 4,02,500