Question

. Pawan is a partner in a firm. He drew the following amounts in the year ended 31 March 2019 (Pawan is a partner in a firm. He withdrew the following amounts during the year ended on 31st March, 2019):

20,000 40,000 10,000 5,000 5,000 10,000

July 1, 2018 (1st July, 2018) August 31, 2018 (31st August, 2018) October 1, 2018 (1st October, 2018) January 31, 2019 (31st January, 2019) March 1, 2019 (1st March, 2019) On March 31, 2019 (31st March, 2019), 12% annual interest is charged on the withdrawal. Calculate interest on withdrawal. Interest on drawing is to be charged @ 12% p.a. Calculate interest on drawings.​

Answer 1

Total Interest on drawings throughout the year should be Rs.5950

Explanation:

We have the following information given,

Date                                                                 Amount of Drawings(Rs.)

1st July 2018                                                          20,000

31 August 2018                                                      40,000

1st October 2018                                                     10,000

31 January 2019                                                        5,000

1st March 2019                                                          5,000

31st March 2019                                                        10,000

Rate of interest on drawings = 12% p.a

Calculation of Interest:

1st July 2018 = $20000 \times \dfrac{12}{100} \times \dfrac{9}{12}$ = 1800

31st August 2018 = $40000 \times \dfrac{12}{100} \times \dfrac{7}{12}$ = 2800

1st October 2018 = $10000\times \dfrac{12}{100} \times \dfrac{6}{12}$ = 600

31st January 2019 = $5000 \times \dfrac{12}{100} \times \dfrac{2}{12}$ = 100

1st March 2019     = $5000 \times \dfrac{12}{100} \times \dfrac{1}{12}$ = 50

31st March 2019  = No interest.

Total Interest for the year ended 31st March 2019 = 5950

Answer 2

book me answer hai 5350 hai