Rakesh and Roshan are partners. They withdrew from the firm following amounts for their personal
use - (1)
Rakesh
May 31, 2017
August 31, 2017
June 30, 2017
Rs 600
Rs 1,000
Rs 500
Roshan
November 1, 2017
Rs 400
Interest is to be charged @ 6% p.a. Calculate interest on drawing, assuming that book of accounts are
closed on March 31, 2018 every year.
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Explanation:
Calculation of interest on drawings:
Number of drawings = 6
Amount of each drawing= 4000
Total drawings= 6*4000
= 24000
Number of months= [Time left after 1st drawing + Time left after last drawing]/2
= [6+1]/2
= 3.5 months
Hence,
Interest on drawings= 24000 * 5/100 * 3.5/12
= 350
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