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Bharam is a Partner in a Firm. He Withdraws Rs 3,000 at the Starting of Each Month for 12 Months. - Accountancy

Sum

Bharam is a partner in a firm. He withdraws Rs 3,000 at the starting of each month for 12 months. The books of the firm closes on March 31 every year. Calculate interest on drawings if the rate of interest is 10% p.a.

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Solution

Total Drawing of Bharam = Rs 3,000 ×12 = Rs 36,000

Interest on Drawing = `"Total Drawings" × "Rate"/100 xx 13/ (2 xx 12)`

`= "Rs"  36000 xx 10/100 xx 13/(2 xx 12)`

= Rs 1950

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APPEARS IN

NCERT Class 12 Accountancy - Not-for-profit Organisation and Partnership Accounts
Chapter 2 Accounting for Partnership : Basic Concepts
Numerical Questions | Q 21 | Page 104
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