Question
36:
Ram and
Mohan, two partners, drew for their personal use `1,20,000
and ` 80,000. Interest is chargeable @ 6%
p.a. on the drawings. What is the amount of interest chargeable from each
partner?
Answer:
In this
question, date of drawings made by the partners is not given. Therefore,
interest on drawings is calculated on average basis for a period of six months.
Interest on Ram’s Drawings = 1,20,000× 6/ 100×6/12=3,600
Interest on Mohan’s Drawings =
80,000× 6/ 100×6/12=2,400
Question
37:
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 38;
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withdrawn in the middle of every month during the year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
39:
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partners in a partnership firm has withdrawn `9,000 at the end of each quarter,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
40:
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, 2024. Calculate interest on drawings
@ 5% p.a. for a period of six months ended 30th September2024.
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