Murti and Patil partners in a firm sharing profits and losses in the ratio of 3:2. Murthy withdraw rs. 4000 quarterly at the beginning of each quarter. calculate the interest on drawings at 9% per annum for the year ending 31-03-2017 under product method.
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if any partner withdraws beginning of each quater
months = months left after 1st drawings + months left after last drawings / 2
= 15/2 = 7.5 months
Murti's interest = (4000×4) × 9/100 × 7.5/12 = 900
1st (jan - march) 4000 12 48,000
2nd (April - June) 4000 9 36,000
3rd (july - sep) 4000 6 24,000
4th (oct - dec) 4000 3 12,000
interest = 1,20,000×9/100×1/12 = 900
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