Question

A and B are partners in a firm sharing profits and losses in ratio of 3:2 . A withdrawn Rs.3000 quarterly at the beginning of each quarter . Calculate interest on drawings at 8%p.a for the year 31st March 2014 .​

Answer 1

Answer:

In a year, there are 4 quarter...

The interest given on drawings is per annum so we will add the amount of cash withdrawn by A in each quarter.It is added below:

3000+3000+3000+3000 = 12000

Or you can calculate it with another method as well..

3000×4 = 12000

Apply the interest on drawings on the amount calculated above..

12000×8% = 960 per annum..

If you want to find the interest on drawings of just a quarter then,

960 ÷ 4 = 240 per quarter..

Explanation:

Hope it helps you.