Question

Shiv, Ravi and Roshan are partners in a firm following the fixed capital method. During the year 2023-24, Shiv withdrew ₹ 15,000 in the middle of each half year; Ravi withdrew ₹ 20,000 to pay for premium of his life insurance policy; Roshan withdrew ₹ 12,000 from his capital.
What is the interest on drawings charged from the partners at the end of the year, if the rate of interest on drawings mentioned in the partnership deed is 6% per annum?

विकल्प

• Shiv - ₹ 900; Ravi - Nil; Roshan - ₹ 360

• Shiv - ₹ 900; Ravi - ₹ 600; Roshan - Nil

• Shiv - ₹ 1,800; Ravi - ₹ 1,200; Roshan - ₹ 720

• Shiv - ₹ 900; Ravi - ₹ 1,200; Roshan - ₹ 360

Answer 1

Shiv - ₹ 900; Ravi - ₹ 600; Roshan - Nil

Explanation:

Average time for Shiv’s = `((9+3)/2)`

= 6 months

Interest on his drawings

`= (15000xx2) xx 6/100 xx 6/12`

= ₹ 900

Interest on Ravi’s drawings = `20000 xx 6/100 xx 6/12`

= ₹ 600

Interest on Roshan’s drawings = Nil

(As his capital has been reduced for the withdrawn amount)