Ram, Mohan and Sohan were the partner sharing profit in the ratio of2:1:1. Ram with drew rupees 3,000 every month and Mohan rupees 4,000 every month. Interest on drawings @6%p.a charged, where as the partnership deed was silent about interest on drawings. Showing your working clearly passed the necessary adjustment entry to rectify the error.
Answers
Answered by
8
Answer:
350
Explanation:
Answer
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
Answered by
7
Answer:
Calculation of interest on drawings:
Ram's interest= 120000 * 6/12 * 6/100
= 3600
Mohan's interest= 80000 * 6/12 * 6/100
= 2400
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