Question

KANIKA AND GAUTAM ARE PARTNERS DOING A DRY CLEANING BUSINESS IN LUCKNOW, SHARING PROFITS IN THE RATIO 2:1 WITH CAPITALS RS.500000 AND RS.400000 RESPECTIVELY. KANIKA WITHDREW THE FOLLOWING AMOUNTS DURING THE YEAR TO PAY THE HOSTEL EXPENSES OF HER SON:

1ST APRIL RS10000

1ST JUNE RS. 9000

1ST NOVEMBER RS 14000

1ST DECEMBER RS 5000


GAUTAM WITHDREW RS. 15000 ON THE FIRST DAY OF APRIL, JULY, OCTOBER AND JANUARY TO PAY RENT FOR THE ACCOMODATION OF HIS FAMILY. HE ALSO PAID RS. 20000/MONTH AS RENT FOR THE OFFICE OF PARTNERSHIP WHICH WAS IN A NEARBY SHOPPING COMPLEX.


CALCULATE INTEREST ON DRAWINGS @6% P.A.

Answer 1

Explanation:

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