Question

1. In a partnership, partners are charged interest on drawings @ 15% pa.
Dunng the year ended 31st March, 2018. a partner drew as follows:
Date
1st May, 1st August,
2017 2017
30th
September
2017
31st January 31st March,
2018
2018
5,000
2,000
6,000
Amount 2,000
(Rs.)
2.000
(3 Marks)
What is the interest chargeable from the partner?​

Answer 1

Answer:

By using product method the interest charged from partner is rs 1388

Answer 2

Answer:

1,388

Explanation:

Date:                           Amount

1st march 2017  ║   5000

1st august 2017 ║   2000

30th sep 2017  ║    6000

31st jan 2018    ║    2000

31st mar 2018   ║   2000

interest = total sum*rate/100*1/12

1,11,000*15/100*1/12 = 1388