Question

2.1
Interest on Drawings
April 30
June, 30
8,000
6,000
5,000
12,000
10,000
Calculate interest on drawings @ 9% p.a. for the year ended on 31st March,
(Ans. Interest on Drawings 1,710.]
0.14 (B). A is a partner in a firm. During the year ended 31st March, 20
September 30
December 31
January 31
F
ACCOUNTING FOR PARTNERSHIP FIRMS - FUNDAMENTALS
Q. 1 (A). Mr. Ashok Gupta is a partner in a firm. He withdrew the follow
amounts during the year ended 31st March, 2018 :-​

Answer 1

Answer: Interest from April 30, 2017- March 31, 2018= (8,000*9*11)/1200

                                                                                            =Rs.660

Interest from June 30, 2017- March 31, 2018= (6,000*9*9)/1200

                                                                                            =Rs.405

Interest from September 30, 2017- March 31, 2018= (5,000*9*6)/1200

                                                                                            =Rs.225

Interest from December 31, 2017- March 31, 2018= (12,000*9*3)/1200

                                                                                            =Rs.270

Interest from January 31, 2018- March 31, 2018= (10,000*9*2)/1200

                                                                                            =Rs.150

Total interest = Rs. (660 + 405 + 225 + 270 + 150)

                       = Rs.1710

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