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Calculate Interest on Himanshu’S Drawings for the Year Ending 31st December, 2017. - Accountancy

Sum

Himanshu withdrews Rs 2,500 at the end Month of each month. The Partnership deed provides for charging the interest on drawings @ 12% p.a. Calculate interest on Himanshu’s drawings for the year ending 31st December, 2017.

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Solution

Total Drawing of Himanshu = Rs 2,500 × 12 = Rs 30,000

Interest on Drawing = Total Drawings × `"Rate"/100` x `11/[2 xx 12]`

= Rs. 30,000 x `12/100` x `11/[2 xx 12]`

= Rs 1,650

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APPEARS IN

TS Grewal Class 12 Accountancy - Double Entry Book Keeping Volume 1
Chapter 2 Accounting for Partnership Firms-Fundamentals
Exercise | Q 20 | Page 103
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