Calculation of interest on Partners’ Drawings, Amount of Drawings and Rate of interest on Drawings
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Note ; Interest on drawing will be calculated for 6 month as average ,because same amount withdrawn in the middle of every month during the year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One of the partners in a partnership firm has withdrawn ₹9,000 at the end of each quarter, throughout the year.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, 2025. Calculate interest on drawings @ 5% p.a. for a period of six months ended 30th September2025.
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
Ts Grewal Solution 2026-2027
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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 And 92