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12th | Accounting For Partnership Firms Fundamentals | Question No.  36 To 40 | Solution 2022-2023

Double Entry Book Keeping Ts Grewal Vol. 1 2019 Solutions for Class 12 Commerce ACCOUNTANCY Chapter 2 - Accounting For Partnership Firms Fundamentals

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Note ; Interest on drawing will be calculated for 6 month as average ,because same amount withdrawn in the middle of every month during the year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One of the partners in a partnership firm has withdrawn `9,000 at the end of each quarter, throughout the year.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

Click below for more Questions

Class 12 / Volume – I

Chapter 1 – Accounting For Partnership Firms Fundamentals

 

Question No. 1 To 5
Question No. 5 To 10
Question No. 11 To 15
Question No. 16 To 20
Question No. 21 To 25
Question No. 26 To 30
Question No. 31 To 35
Question No. 36 To 40
Question No. 41 To 45
Question No. 46 To 50
Question No. 51 To 55

Question No. 56 To 60

Question No. 61 To 65
Question No. 66 To 70
Question No. 71 To 75

Question No. 76 To 80
Question No. 81 To 85
Question No. 86 To 88

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12th TS Grewal’s Accountancy Solutions

Ts Grewal Solution 2022-2023

Ts Grewal Solution 2021-2022

Ts Grewal Solution 2020-2021