Question

Rishi is a partner in a firm. He withdrew the following amounts during the year ended March 31, 2017.
`{:("May "01", "2017,,"Rs. "12_(,)000,),("July "31", "2017,,"Rs. "6_(,)000,),("September "30", "2017,,"Rs. "9_(,)000,),("November "30", "2017,,"Rs. "12_(,)000,),("January "01", "2018,,"Rs. "8_(,)000,),("March "31", "2018,,"Rs. "7_(,)000,):}`
Interest on drawings is charged @ 9% p.a.
Calculate interest on drawings

Answer 1

Answer:

Dates Amount(A) No.of months up to 31st march.2108(B) Product

C= A*B

1/5/17 2000 11 22,000

1/8/17 5000 8 40,000

30/9/17 2000 6 12,000

31/1/18 6000 2 12,000

31/3/18 2000 0 0

Total 17000 86,000

Interest on Drawings= 86,000*15%*1/12 =1075

Simple Method

Date Amount No.of months up to 31st march,2018 Interest@15%

1/5/17 2000 11 275

(2000*15%*11/12)

1/8/17 5000 8 500

(5000*15%*8/12)

30/9/17 2000 6 150

(2000*15%*6/12)

31/1/18 6000 2 150

(6000*15%*2/12)

31/3/18 2000 0 0

Total