Accountancy, asked by nithishkumark041, 8 months ago

7
are
Sjay and rejoogle
in the
the Year
calalate Intrest
le portons
ھے
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

Answered by Anonymous
3

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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