**Question 46:** A, B and C are partners. During the year ended 31st
March, 2024, 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, 2024.

**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,
2024, 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, 2024, 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, 2024 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, 2024 and interest on
drawings is 900.

(c) If he withdrew 6,000 per
quarter for the year ended 31st March, 2024 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, 2024 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, 2024 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, 2024 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 2024-2025*

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**Class 12 | Volume I**

**Chapter 1 – **Accounting For Partnership Firms Fundamentals

**Chapter 1 –**Accounting For Partnership Firms Fundamentals