Question

.Verma and Kaul are partners in a firm. The partnership agreement provides that interest on drawings should be charged@6%p.a.verma withdraws Rs 2000per month starting from 1 April 2020 to 31st March 2021.kaul withdraws for 3000 per quarter starting from 1st April 2020.
calculate interest on partners drawing​

Answer 1

Answer:

Explanation:

CALCULATION OF INTREST ON DRAWINGS FOR VERMA

 VERMA WITHDRAW 2000 EVERY MONTH

TOTAL AMOUNT HE WITHDRAW DURING THE YEAR IS

    2,000 × 12 = 24,000

INT ON DRAWINGS = 24,000 × 6% × 6/12 = 720

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CALCULATION OF INTREST ON DRAWING OF KAUL

KAUL WITHDRAW 3000 IN EVERY QUATER

TOTAL AMOUNT HE WITHDRAW IS 3000 × 4 = 12,000

THERE ARE 4 QUATERS

INT ON DRAWINGS = 12,000 × 6% × 6/12 = 360

Answer 2

Answer:

720 & 360

Explanation:

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