Question
41
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, 2024.
Calculate interest on drawings @ 5% p.a. for a period of six months ended 30th
September,2024.
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
42:
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, 2024. Calculate interest on drawings @ 12% p.a. for the year ended
31st March, 2025.
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
42:
Calculate
interest on drawings of Ashok @ 10% p.a. for the year ended 31st March, 2025,
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amount is withdrawn in the beginning of each quarter, the interest on drawings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amount is withdrawn at the end of each quarter, the interest on drawings is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amount is withdrawn in the middle of each quarter, the interest on drawings is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 44:
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 year31st march 2025 were:
(i) Tisha withdrew 25,000 at the
end of each quarter.
(ii) Divya's drawings were:
|
31st May, 2024 |
`20,000 |
|
1st November, 2024 |
`17,500 |
|
1st February,2025 |
`12,500 |
Calculate
interest on partners' capitals@ 10% p.a. and interest on partners' drawings@ 6%
p.a. for the year ended 31st March, 2025.
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 |
|
31-5-2024 |
20,000 |
10 |
2,00,000 |
|
1-11-2024 |
17,500 |
5 |
87,500 |
|
1-2-2025 |
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
Question
45: A, B and C are
partners. During the year ended 31st March, 2025, each of the partners withdrew
Rs. 10,000 regularly. A withdrew in the beginning of the first 6 months of the
year, B withdrew in the middle of the month for the first 6 months of the year
and C withdrew at the end of the month for the first 6 months. Calculate
interest on drawings @ 6% p.a. for the year ended 31st March, 2025.
Answer:
Total
drawing of each partner = 10,000 × 6 = 60,000
1. A's
interest on drawing
60,000×6×9.5
/100×12 = 2,850
Average
month 12 + 7 / 2= 9.5
2. B's
interest on drawing
60,000×6×9
/100×12 = 2,700
Average
month = 11.5 + 6.5/ 2= 9
3. C's
interest on drawing
60,000×6×8.5
/100×12 = 2,550
Average
month = 11 + 6/ 2= 8.5