Ajay is a partner in a firm hi withdrawal rupees 2000 per month on the last day of every month during the year if interest charged 9% the interest as charged will be
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Asked on December 27, 2019 by
Gunika Nainwani
(Calculation of Interest on Drawings by Simple Method and Product Method). In a partnership, partners are charged interest on drawings @ 15% p.a. During the year ended 31st March, 2018, a partner drew as follows:
Date 1st May, 2017 1st August 2017 30th September, 2017 31st January, 2018 31st March, 2018
Amount (Rs.) 2,000 5,000 2,000 6,000 2,000
What is the interest chargeble from the partner?
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ANSWER
PRODUCT METHOD
Dates Amount(A) No.of months up to 31st march.2108(B) Product
C= A*B
1/5/17 2000 11 22,000
1/8/17 5000 8 40,000
30/9/17 2000 6 12,000
31/1/18 6000 2 12,000
31/3/18 2000 0 0
Total 17000 86,000
Interest on Drawings= 86,000*15%*1/12 =1075
Simple Method
Date Amount No.of months up to 31st march,2018 Interest@15%
1/5/17 2000 11 275
(2000*15%*11/12)
1/8/17 5000 8 500
(5000*15%*8/12)
30/9/17 2000 6 150
(2000*15%*6/12)
31/1/18 6000 2 150
(6000*15%*2/12)
31/3/18 2000 0 0
Total 1075
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