Question 36:
Brij and Mohan are
partners in a firm. They withdrew ` 48,000 and ` 36,000
respectively during the year evenly in the middle of every month. According to
the partnership agreement, interest on drawings is to be charged @ 10% p.a.
Calculate interest on drawings of the partners using the appropriate formula.
Answer:
Since, the drawings are made evenly at the middle of every month, therefore interest on drawings is calculated for a period of six months.
Interest on Brij's Drawings=
`. 48,000×10/100×6/12= `.
2,400
Interest on Mohan's Drawings=
`. 36,000×10/100×6/12= `.
1,800
Question 37;
Dev withdrew `10 000 on 15th day of every month Interest on drawings was to be charged @ 12% per annum. Calculate interest oh Dev's Drawings. (CBSC 2019)
Answer;
Interest on Dev’s
Drawings=10,000×12=1,20,000×12/100×6/12=7,200
Note ; Interest on
drawing will be calculated for 6 month as average ,because same amount
withdrawn in the middle of every month during the year
Question 38:
One of the partners in a partnership firm has withdrawn `9,000 at the end of each quarter, throughout the year. Calculate interest on drawings at the rate of 6% per annum.
Answer:
Amount of Drawings
= ` 9,000 per quarter
Annual Drawings= ` (9,000 × 4) = ` 36,000
Rate of Interest on Drawings = 6% p.a.
|
Average
Period |
= |
(Months
remaining after the first drawings + Months remaining after the last
drawings)/2 |
|
|
= |
(9
+ 0)/2 = 4.5 months |
|
Interest on Drawings |
= |
(Annual drawings × Rate of Drawings/100 × Average
Period/12) |
|
|
= |
(36,000
× 6/100 × 4.5/12) = ` 810 |
Question 39:
A and B are partners
sharing profits equally. A drew regularly ` 4,000 in the
beginning of every month for six months ended 30th September, 2021. Calculate
interest on drawings @ 5% p.a. for a period of six months.
Answer:
Amount of drawing= 4000
No. of drawings= 6
Total amount of drawing=24,000
Average month = time left after first drawing + time left
after last drawing ÷2
= 6+1÷2=3.5
Interest on drawing= total drawing × Rate of
drawing/100×Average month / 12
=24,000×5/100×3.5/12=350
Question 40:
A and B are
partners sharing profits equally. A drew regularly ` 4,000 at the end
of every month for six months ended 30th September, 2021. Calculate interest on
drawings @ 5% p.a. for a period of six months.
Answer:
Average month = time lift after first drawing + time lift
after last drawing ÷2
= 5+0÷2 = 2.5
Interest on drawing= total drawing × Rate of drawing/100×Average
month / 12
=24,000×5/100×2.5/12 = 250
Ts Grewal Solution 2022-2023
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Class 12 / Volume – I
Chapter 1 – Accounting For Partnership Firms Fundamentals
Question No. 1 To 5
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