Akhil and Ravi are partners sharing profits and losses in the ratio of 7:3 with capitals of Rs. 8,00,000 and Rs. 6,00,000 respectively. According to partnership deed, interest on capital is to be provided @ 8% p.a profit for the year is Rs. 80,000. Choose the correct option:
1
Akhil will be credited by Rs. 64,000 and Ravi will be credited by Rs. 48,000
2
Akhil will be credited by Rs. 56,000 and Ravi will be credited by Rs. 24,000
3
Akhil will be credited by Rs. 22,400 and Ravi will be credited by Rs. 9,600
4
Akhil will be credited by Rs. 45,715 and B will be credited by Rs. 34,285