# 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.

#### 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?

#### 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