Question

A and B entered into the partnership on 01.09.2020. B draws an equal amount at the end of every month starting from 31.10.2020 (first drawing made on this date). Interest on drawings is charged 10% p.a. at the year ended 31.03.2021 Interest on B's Drawing amounting to 300.Monthly Drawings of B were:​

Answer 1

Given:

• A and B entered into a partnership on 1 - 9 - 20.
• B withdrew an equal amount at the end of every month starting from 31 - 10 - 20.
• Interest on drawings is charged at 10% p.a. for the year ended 31st March, 2021.
• Interest on B's drawings amounted to 300.

To find: The monthly drawings of B.

Answer:

When a partner withdraws a fixed amount at the end of every month for 6 months, the interest on drawings is calculated as follows:

Interest on drawings = Total drawings × (Rate ÷ 100) × (2.5 ÷ 12)

Let the monthly drawings be 'x'.

Total drawings = 6x

Substituting the values into the formula,

300 = 6x × (10 ÷ 100) × (2.5 ÷ 12)

300 = 150x ÷ 1200

300 = 0.125x

x = 300 ÷ 0.125

x = Rs 2,400

Therefore, the monthly drawings of B were Rs 2,400.