7
are
Sjay and rejoogle
in the
the Year
calalate Intrest
le portons
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Sharring profil
srstio o 3:2 Sjoy doraming during
mere
on their drawings
clored at the end of march
per annum
seruming that books are
30/6/2012
E goo
1/9/20/2
11/11/2012
7 4.500
31/3/2013
F1,000
oo it's accounts subject
Answers
Answer:
Rakesh and Roshan are partners, sharing profits in the ratio of 3:2 with capitals of Rs 40,000 and Rs 30,000, respectively. They withdrew from the firm the following amounts, for their personal use:
Rakesh
Month
Rs
May 31, 2016
600
June 30, 2016
500
August 31, 2016
1,000
November 1, 2016
400
December 31, 2016
1,500
January 31, 2017
300
March 01, 2017
700
Rohan
At the beginning of each month
400
Interest is to be charged @ 6% p.a. Calculate interest on drawings, assuming that book of accounts are closed on March 31, 2017, every year.
SOLUTION
Rakesh’s Interest on Drawings
Drawings × Period
Product
31 May 2016 to 31 March 2017
600 × 10 =
6,000
30 June 2016 to 31 March 2017
500 × 9 =
4,500
31 August 2016 to 31 March 2017
1,000 × 7 =
7,000
1 November 2016 to 31 March 2017
400 × 5 =
2,000
31 December 2016 to 31 March 2017
1,500 × 3 =
4,500
31 January 2017 to 31 March 2017
300 × 2 =
6,00
01 March 2017 to 31 March 2017
700 × 1 =
700
Sum of Product
25,300
Interest = Sum of Product ×
Rate
100
Rate100 x
1
12
112
= 25,300 x
6
100
6100 x
1
12
112
= Rs 126.5
Interest on Rohan’s Capital
= Total Drawing ×
Rate
100
Rate100 x
13
2
×
12
132×12
= 4,800 x
6
100
6100 x
3
2
×
12
32×12
= Rs 156.
Explanation:
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