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 amount during 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 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
Let us calculate the interest @ 6% p.a. on drawing money.
First Calculate the Interest Kanika's withdrawal money...
Interest on 1st April's withdraw of money of ₹10,000 for 12 month...
= 10,000 × 12/12 × 6/100 = 600
Interest on 1st June's withdraw of money of ₹9,000 for 9 month...
= 9,000 × 9/12 × 6/100 = 405
Interest on 1st November's withdraw of money of ₹14,000 for 5 month...
= 14,000 × 5/12 × 6/100 = 350
Interest on 1st December's withdraw of money of ₹5,000 for 4 month...
= 5,000 × 4/12 × 6/100 = 100
Total interest on money withdrawn by Kanika is 600+405+350+100 = 1455
Now Calculate the Interest Gautam withdrawal money...
Interest on 1st April's withdraw of money of ₹15,000 for 12 month...
= 15,000 × 12/12 × 6/100 = 900
Interest on 1st July's withdraw of money of ₹15,000 for 9 month...
= 15,000 × 9/12 × 6/100 = 675
Interest on 1st July's withdraw of money of ₹15,000 for 6 month...
= 15,000 × 6/12 × 6/100 = 450
Interest on 1st July's withdraw of money of ₹15,000 for 3 month...
= 15,000 × 3/12 × 6/100 = 225
Total interest on money withdrawn by Gautam is... 900+675+450+225 = 2250
Answer:
Capitals for Kanika and Gautam are Rs 500000 and Rs. 400000 respectively.
Profit Ratio = 2:1
Interest on drawing: 6% per annum
Kanika withdrew the following amount during 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 accommodation of his family. He also paid ₹20,000 per month as rent for the office of partnership.
Calculation of interest on drawings
Kanika
10000 * 12 = 120000
300000 * 6 / 100 * 1 /12 = 1500
9000 * 10 = 90000
14000 * 4 = 70000
5000 * 4 = 20000
300000
Gautam =
60000 * 6/100 * 7.5/12 = 2250