Read the hypothetical text and answer the following questions.X and Y are partners sharing profits and losses in the ratio of 7:3. Their capital accounts as at 1 st April, 2018 stood at X: ₹ 5,00,000 and Y: ₹ 4,00,000. Partners are allowed interest on capital @ 5% p.a. Drawings of the partners during the year ended 31st March, 2019 were ₹ 72,000 and ₹ 50,000 respectively. Profit for the year before allowing interest on capital and salary to Y @ ₹ 5,000 p.m. was ₹ 8,00,000. 10% of the net profit is to be transferred to General Reserve.1. What is the amount to be transferred to General reserve? a) ₹ 1,60,000 b) ₹ 80,000 c) ₹ 40,000 d) ₹ 2,00,000 2. How much amount of interest on capital payable to both the partners? a) ₹ 45,000 b) ₹ 60,000 c) ₹ 75,000 d) ₹1,00,000 3. What is the amount of salary payable to Y? a) ₹ 90,000 b) ₹ 1,20,000 c) ₹ 60,000 d) 75,000 4. What is the share of X in distributable profit? a) ₹ 4,20,500 b) ₹ 4,30,500 c) ₹ 4,25,500 d) ₹ 4,10,500