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प्रश्न
Rishi is a partner in a firm. He withdrew the following amounts during the year ended March 31, 2020.
| May 01, 2019 | Rs 12000 |
| July 31, 2019 | Rs 6000 |
| September 30, 2019 | Rs 9000 |
| November 30, 2019 | Rs 12000 |
| January 01, 2020 | Rs 8000 |
| March 31, 2020 | Rs 7000 |
Interest on drawings is charged @ 9% p.a. Calculate interest on drawings.
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उत्तर
Product Method
|
|
Drawings × Period |
Product |
|
01 May, 2019 to 31 March 2020 |
12,000 × 11 = |
1,32,000 |
|
31 July, 2019 to 31 March 2020 |
6,000 × 8 = |
48,000 |
|
30 September, 2019 to 31 March 2020 |
9,000 × 6 = |
54,000 |
|
30 Nov. 2019 to 31 March 2020 |
12,000 × 4 = |
48,000 |
|
01 Jan. 2020 to 31 March 2020 |
8,000 × 3 = |
24,000 |
|
31 March 2020 to 31 March 2020 |
7,000 × 0 = |
0 |
|
|
Sum of Product |
3,06,000 |
Here the formula will be
Interest on Drawings = `"Product" × "Rate"/100 xx 1/12`
`= 306000 xx 9/100 xx 1/12`
= Rs 2295
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|
Liabilities |
Amount (Rs.) |
Amount (Rs.) |
Assets |
Amount (Rs.) |
Amount (Rs.) |
|
Mannu’s Capital |
30,000 |
40,000 | Drawings: | 6,000 | |
|
Shristhi’s Capital |
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|
Rakesh |
Month |
Rs |
|
|
May 31, 2016 |
600 |
|
|
June 30, 2016 |
500 |
|
|
August 31, 2016 |
1,000 |
|
|
November 1, 2016 |
400 |
|
|
December 31, 2016 |
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|
|
January 31, 2017 |
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|
|
March 01, 2017 |
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|
Rohan |
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|
|
Rs |
|
February 01 |
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|
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|
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|
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|
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|
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| Particulars | (₹) | Particulars | (₹) |
| To Interest on Capital | By Profit & loss account (After manager’s commission) | ___(2)___ | |
| Richa | ______ | ||
| Anmol | ______ | ||
| To Anmol’s Salary a/c | 12,500 | ||
| To Profit transferred to: | |||
| Richa’s Capital A/C (1) | ___(1)___ | ||
| Anmol’s Capital A/c | ______ | ||
| ______ | ______ |
The amount to be reflected in blank (1) will be:
Richa and Anmol are partners sharing profits in the ratio of 3 : 2 with capitals of ₹ 2,50,000 and ₹ 1,50,000 respectively. Interest on capital is agreed @6% p.a. Anmol is to be allowed an annual salary of ₹ 12,500. During the year ended 31st March 2023, the profits of the year prior to calculation of interest on capital but after charging Anmol’s salary amounted to ₹ 62,000. A provision of 5% of this profit is to be made in respect of manager’s commission.
Following is their Profit & Loss Appropriation Account.
| Particulars | (₹) | Particulars | (₹) |
| To Interest on Capital | By Profit & loss account (After manager’s commission) | ___(2)___ | |
| Richa | ______ | ||
| Anmol | ______ | ||
| To Anmol’s Salary a/c | 12,500 | ||
| To Profit transferred to: | |||
| Richa’s Capital A/C (1) | ___(1)___ | ||
| Anmol’s Capital A/c | ______ | ||
| ______ | ______ |
The amount to be reflected in blank (2) will be:
