Question

5. Harry is a partner in a firm. He withdraw the following amounts during the year ending
31st March 2017 :
Month
₹
01 May 2016
31 July 2016
30 September 2016
30 November 2016
01 January 2017
03 March 2017
6,000
3,000
4,500
6,000
4,000
3,500
2
Interest on drawing to be charged at 9% p.a. calculate interest on drawings.
What do you mean by Partnership deed ?
2​

Answer 1

Answer:

Hope this will help you

Explanation

Correct option is C

Rs. 1,075

Date             No. of months till     Workings                                                   Total

May 1                    11 months       4,000 x 11/12 x 7.5/12                               RS-275

August 1                8 months       10,000 x 8/12 x 7.5/12                             RS-500

September 30      6 months       4,000 x 6/12 x 7.5/12                              RS-150

January 31            2 months       12,000 x 2/12 x 7.5/12                             RS-150

March 31                    0                                 0                                                   0

Total interest                                                                                            = RS-1,075