Question

Rakesh and Roshan are partners, sharing profits in the ratio of 3:2 with capitals of Rs 40,000 and Rs 30,000, respectively. They withdrew from the firm the following amounts, for their personal use: Rakesh Month Rs May 31, 2016 600 June 30, 2016 500 August 31, 2016 1,000 November 1, 2016 400 December 31, 2016 1,500 January 31, 2017 300 March 01, 2017 700 Rohan At the beginning of each month 400 Interest is to be charged @ 6% p.a. Calculate interest on drawings, assuming that book of accounts are closed on March 31, 2017, every year.

Answer 1

Answer:

Explanation:

It is given

Answer 2

Answer:

Explanation:

31 May 2013 to 31 March 2014

600 × 10 =  6,000

30 June 2013 to 31 March 2014

500 × 9 =  4,500

31 August 2013 to 31 March 2014

1,000 × 7 =  7,000

1 November 2013 to 31 March 2014

400 × 5 =  2,000

31 December 2013 to 31 March 2014

1,500 × 3 =  4,500

31 January 2014 to 31 March 2014

300 × 2 =  6,00

01 March 2014 to 31 March 2014

700 ×1 =  700

Sum of Product  = 25,300

Interest = Sum of product × r% × 1/12

= 25,300 × 6/100 × 1/12

= 126.5

Drawings = r% × 13/2× 12

= 4800 × 6/100 × 13/2× 12

= 156.