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12th | Accounting for Partnership Firm – Fundamental | Question No. 46 To 50 | Ts Grewal Solution 2023-2024

Question 46: A, B and C are partners. During the year ended 31st March, 2023, 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, 2023.


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

 

Question 47: Calculate the amount of Manan's monthly drawings for the year ended 31st March, 2023, in the following alternative cases when Partnership Deed allows interest on drawings @ 10% p.a.:


(i) If interest on drawings is 1,950 and he withdrew a fixed amount in the beginning of each month.

(ii) If interest on drawings is F 2,400 and he withdrew a fixed amount in the middle of each month.

(iii) If interest on drawings is 2,750 and he withdrew a fixed amount at the end of each month.

 

Answer:

 

(i) If interest on drawings is 1,950 and he withdrew a fixed amount in the beginning of each month.

Interest on drawings @ 10% p.a.

Average month 6.5

Annual amount of drawings = (1,950×12×100) ÷ (6.5×10) = 36,000

Monthly amount of drawings = 36,000 ÷ 12 = 3000

(ii) If interest on drawings is F 2,400 and he withdrew a fixed amount in the middle of each month.

Interest on drawings @ 10% p.a.

Average month 6

Annual amount of drawings = (2,400 ×12×100) ÷ (6.5×10) =48,000

Monthly amount of drawings = 48,000 ÷ 12 = 4,000

(iii) If interest on drawings is 2,750 and he withdrew a fixed amount at the end of each month.

Interest on drawings @ 10% p.a.

Average month 5.5

Annual amount of drawings = (2,750 ×12×100) ÷ (5.5×10) =60,000

Monthly amount of drawings = 60,000 ÷ 12 = 5,000

 

 

Question 48: Calculate the amount of Shiv's quarterly drawings for the year ended 31st March, 2023, in the following alternative cases when Partnership Deed allows interest on drawings @ 12% p.a.:


(i) If interest on drawings is F 1,500 and he withdrew a fixed amount in the beginning of each quarter.

(ii) If interest on drawings is 1,200 and he withdrew a fixed amount in the middle of each quarter.

(iii) If interest on drawings is 900 and he withdrew a fixed amount at the end of each quarter.

 

Answer:

 

(i) If interest on drawings is `1,500 and he withdrew a fixed amount in the beginning of each quarter.

Interest on drawings @ 12% p.a.

Average month 7.5

Annual amount of drawings = (1,500×12×100) ÷ (7.5×12) =20,000

Quarterly amount of drawings = 20,000 ÷ 4 = 5,000

 

(ii) If interest on drawings is 1,200 and he withdrew a fixed amount in the middle of each quarter.

Interest on drawings @ 12% p.a.

Average month 6

Annual amount of drawings = (1,200×12×100) ÷ (6×12) =20,000

Quarterly amount of drawings = 20,000 ÷ 4 = 5,000

 

(iii) If interest on drawings is 900 and he withdrew a fixed amount at the end of each quarter.

Interest on drawings @ 12% p.a.

Average month 4.5

Annual amount of drawings = (900×12×100) ÷ (4.5×12) =20,000

Quarterly amount of drawings = 20,000 ÷ 4 = 5,000

 

Question 49


:Piyush, Harmesh and Atul are partners. Each partner regularly withdrew 20,000 per month as given below:

(a) Piyush withdrew in the beginning of the month;

(b) Harmesh withdrew in the middle of the month; and

(c) Atul withdrew at the end of the month.

Interest on drawings charged for the year ended 31st March, 2023 was 15,600, 14,400 and 13,200 respectively.

Determine the rate of interest charged on drawings.

Answer:

(a) Calculation of the rate of interest charged on drawings made by Piyush in the beginning of the month

Rate of interest on drawing assumed = x

15600 = 240000 × x / 100 × 6.5 / 12

15600= 200 × x × 6.5

15600= 1300×x

x = 15600/1300 = 12%

(b) Calculation of the rate of interest charged on drawings made by Harmesh in the middle of the month

Rate of interest on drawing assumed = x

14,400 = 240000 × x / 100 × 6 / 12

14,400 = 200 × x × 6

14,400 = 1200×x

x = 14,400/1200 = 12%

(a) Calculation of the rate of interest charged on drawings made by Atul at the end of the month

Rate of interest on drawing assumed = x

13,200 = 240000 × x / 100 × 5.5 / 12

13,200= 200 × x × 5.5

13,200= 1,100×x

x = 13,200/1,100 = 12%

 

Question 50: Calculate the Rate of interest on Drawings of Mohan in the following cases:


(a)  If he withdrew 6,000 in the beginning of each quarter for the year ended 31st March, 2023 and interest on drawings is 1,500.

(b) If he withdrew 6,000 at the end of each quarter for the year ended 31st March, 2023 and interest on drawings is 900.

(c) If he withdrew 6,000 per quarter for the year ended 31st March, 2023 and interest on drawings is 1,200.

Answer:

Calculation of the Rate of interest on Drawings of Mohan

Each quarter Drawing = 6,000

Total Drawing = 24,000

 

(a)  If he withdrew 6,000 in the beginning of each quarter for the year ended 31st March, 2023 and interest on drawings is 1,500.

Rate of interest on drawing assumed = x

1,500 = 24,000 × x / 100 × 7.5 / 12

1,500 = 20 × x × 7.5

1,500 = 150×x

x = 1,500/150 = 10%

 

(b) If he withdrew 6,000 at the end of each quarter for the year ended 31st March, 2023 and interest on drawings is 900.

Rate of interest on drawing assumed = x

900 = 24,000 × x / 100 × 4.5 / 12

900 = 20 × x × 4.5

900 = 90×x

x = 900/90 = 10%

 

(c) If he withdrew 6,000 per quarter for the year ended 31st March, 2023 and interest on drawings is 1,200.

Rate of interest on drawing assumed = x

1,200 = 24,000 × x / 100 × 6 / 12

1,200 = 20 × x × 6

1,200 = 120×x

x = 1,200/120 = 10%

 

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
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Question No. 41 To 45
Question No. 46 To 50
Question No. 51 To 55

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