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Rakesh and Roshan Are Partners, Sharing Profits in the Ratio of 3:2 with Capitals of Rs 40,000 and Rs 30,000, Respectively. - Accountancy

Sum

Rakesh and Roshan are partners, sharing profits in the ratio of 3:2 with capitals of Rs 40,000 and Rs 30,000, respectively.

They withdrew from the firm the following amounts, for their personal use: 

Rakesh

Month

Rs

 

May 31, 2016

600

 

June 30, 2016

 500

 

August 31, 2016

1,000

 

November 1, 2016

400

 

December 31, 2016

1,500

 

January 31, 2017

 300

 

March 01, 2017

 700

Rohan

At the beginning of each month

 400

Interest is to be charged @ 6% p.a. Calculate interest on drawings, assuming that book of accounts are closed on March 31, 2017, every year.

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Solution

Rakesh’s Interest on Drawings

 

Drawings × Period

Product

31 May 2016 to 31 March 2017

600 × 10 =

6,000

30 June 2016 to 31 March 2017

500 ×   9 =

4,500

31 August 2016 to 31 March 2017

1,000 ×   7 =

7,000

1 November 2016 to 31 March 2017

400 ×   5 =

2,000

31 December 2016 to 31 March 2017

1,500 ×   3 =

4,500

31 January 2017 to 31 March 2017

300 ×   2 =

6,00

01 March 2017 to 31 March 2017

700 ×   1 =

700

 

Sum of Product

25,300

Interest = `"Sum of Product" × "Rate" / 100 xx 1/12`

`= 25300 xx 6/100 xx 1/12`

= Rs 126.5

Interest on Rohan’s Capital

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

`= 4800 xx 6/100 xx 13/(2 xx 12)`

= Rs 156

  Is there an error in this question or solution?
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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 19 | Page 103
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