Manu, Harry and Ali are partners in a firm sharing profits and losses equally. Harry and Ali withdrew the following amounts from the firm. for their personal use, during 2019. Date Harry (Rs) Ali (Rs) 2015 January 01 5,000 7000 April 01 8000 4000 September 01 5000 5000 December 01 4000 9000 Calculate interest on drawings if the rate of interest to be charged is 10 percent, and the books are closed on December 31 every year.
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Explanation:
Harry's interest on drawings:5000X10/100+8000X10/100X9/12+5000X10/100X4/12+4000X10/100X1/12
=500+600+166.66+33.33=1300
Ali's interest on drawings: 7000X10/100+4000×10/100×9/12+5000×10/100×4/12+9000×10/100×1/12
=700+300+166.66+75=1241.66
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