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12th | Accounting for Partnership Firm – Fundamental | Question No. 41 To 45 | Ts Grewal Solution 2023-2024

Question 41:

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, 2022. 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 42:

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, 2022. 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

 

 

Question 43:

B and C are partners sharing profits equally. C regularly withdrew 5,000 per month in the beginning of the month for si× months ended 30th September, 2022. Calculate interest on drawings @ 12% p.a. for the year ended 31st March, 2023.

Answer:

Monthly drawing = 5,000

Total drawing = 30,000

 

Interest on drawing= 30000×12× 9.5/100×12= 2,850

Average month = 12 + 7 / 2= 9.5

 

Question 44:

Calculate interest on drawings of Ashok @ 10% p.a. for the year ended 31st March, 2023, in each of the following alternative cases:
Case 1.  If he withdrew 
` 7,500 in the beginning of each quarter.
Case 2.  If he withdrew 
` 7,500 at the end of each quarter.
Case 3.  If he withdrew 
` 7,500 during the middle of each quarter.

Answer:

Total Drawings = 7,500 × 4 = ` 30,000

Interest Rate = 10% p.a.

Case (a)

When equal amount is withdrawn in the beginning of each quarter, the interest on drawings is calculated for an average period of 7.5 months

Interest on drawing= total drawing×Rate of drawing/100×Average month / 12

Interest on Ashok’s drawing =30,000×10/100×7.5/12  =1,875

Case (b)

When equal amount is withdrawn at the end of each quarter, the interest on drawings is calculated for an average period of 4.5 months

Interest on drawing= total drawing×Rate of drawing/100×Average month / 12

Interest on Ashok’s drawing =30,000×10/100×4.5/12 =1,125

Case (c) 

When equal amount is withdrawn in the middle of each quarter, the interest on drawings is calculated for an average period of 6 months

Interest on drawing= total drawing×Rate of drawing/100×Average month / 12

Interest on Ashok’s drawing =30,000×10/100×6/12  =1,500

 

Question 45:The capital accounts of Tisha and Divya showed credit balances of 10,00,000 and 7,50,000 respectively after taking into account drawings and net profit of `5,00,000. The drawings of the partners during

the year 2024 were:

(i) Tisha withdrew 25,000 at the end of each quarter.

(ii) Divya's drawings were:

31st May, 2023

`20,000

1st November, 2023

`17,500

1st February,2023

`12,500

Calculate interest on partners' capitals@ 10% p.a. and interest on partners' drawings@ 6% p.a. for the year ended 31st March, 2024.

 

Answer:

Calculation of Interest on Drawings

Tisha’s Total Drawings= 25,000×4=1,00,000

Tisha’s Interest on Drawings= 1,00,000×3/100×4.5/12=2,250

 

Divya’s Interest on Drawings

Date of Drawings

Drawings

Time left after Drawing

Product

31-5-2023

20,000

10

2,00,000

1-11-2023

17,500

5

87,500

1-2-2024

12,500

2

25,000

 

3,12,500

 

Divya’s Interest on Drawings = 3,12,500×6/10×1/12=1,563

 

Calculation of Interest on Capital

 

Calculation of opening Capital

 

Tisha

Divya

Closing Capital

Add; Drawings

10,00,000

1,00,000

7,50,000

50,000

 

Less: Profit

11,00,000

2,50,000

8,00,000

2,50,000

Opening Capital

8,50,000

5,50,000

 

Tisha’s Interest on Capital= 8,50,000×10/100=85,000

Divya’s Interest on Capital= 5,50,000×10/100=55,000

 

 

Ts Grewal Solution 2023-2024

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Class 12 / Volume – I

Chapter 1 – Accounting For Partnership Firms Fundamentals

 

Question No. 1 To 5
Question No. 6 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 90

Question No. 91 To 95