Kanika and Gautam are partners doing a dry cleaning business in Lucknow, sharing profits in the ratio 2 : 1 with capitals ₹ 5,00,000 and ₹ 4,00,000 respectively. Kanika withdrew the following amounts during the year to pay the hostel expenses of her son:
1st April ₹ 10,000
1st June ₹ 9,000
1st November ₹ 14,000
1st December ₹ 5,000
Gautam withdrew ₹ 15,000 on the first day of April, July, October and January to pay rent for the accommodation of his family. He also paid ₹ 20,000 per month as rent for the office of partnership which was in a nearby shopping complex. Calculate interest on drawings @ 6% p.a.
Answers
Answer:
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Answer:
Interest on Kanika's drawings = Rs. 1500
Interest on Gautam's drawings = Rs. 2250
Explanation:
Working Note:
Calculation of interest on Kanika's drawings
Date Rs (I) Months (II) Product (IxII)
1st Apr 10,000 12 1,20,000
1st June 9,000 10 90,000
1st Nov 14,000 5 70,000
1st Dec 5,000 4 20,000
∴ Sum of product 3,00,000
Interest on drawings = Total Drawings = Sum of product x Rate x 1
100 12
= 3,00,000 x 6 x 1
100 12
= Rs. 1,500
Calculation of interest on Gautam's drawings
Gautam withdrew Rs 15,000 in beginning of every quarter
Interest on drawings = Total drawings x Rate x 7.5
100 12
= (15,000 x 4) x 6 x 7.5
100 12
Rs. 2250