Question

2. Calculate the interest on drawing @ 6% p.a. for the year ended 31st March 2017. under the following
cases:
() Pooja withdrew 12,000 during the year.
(ii) Ansh withdrew 4,000 at the beginning of every month, during the year.
(iii) Tanisha withdrew * 3,000 at the middle of every month, during the year.
(iv) Nikita withdrew 2,000 at the end of every month, during the year.
(v) Ayush withdrew 4,000 at the beginning of every month for six months.
(vi) Aditi withdrew 5,000 at the beginning of every quarter, during the year.
(vi) Nimish withdrew 4,000 at the end of every quarter, during the year.​

Answer 1

Answer:

*If date of drawing is not given interest charges for average 6months

1. Interest = 12000*6/100*6/12==360

*Annual drawing = 4000*12=48000

2. Interest = 48000*6/100*6.5/12=1560

Annual drawing = 3000*12=36000

3. interest = 36000*6/100*6/12= 1080

Annual drawing = 2000*12=24000

4. Interest = 24000*6/100*5.5/12= 660

Drawing for 6 months = 4000*6=24000

5. Interest = 24000*6/100*3.5/12 = 420

Annual drawing = 5000*4= 20000(quarterly drawing )

6. interest = 20000*6/100*7.5/12= 750

Annual drawing = 4000*4=16000

7. interest = 16000*6/100*4.5/12= 360

Explanation:

When partner withdrew monthly or quarterly drawing then interest on drawing is calculated on average period basis

Average period is calculated by this formula

Time left after ist drawing + time left after last drawing /2

For example as in 2case partner withdrew in the beginning of each month so average period is

12+1/2= 6.5month