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Question
Yamini and Sonia are partners in a firm. Sonia withdrew ₹ 12,000 at the end of each quarter and interest on drawings was calculated at ₹ 1,440 at the end of the year.
Numerical
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Solution
Drawings are made on:
- 30th June → 9 months
- 30th September → 6 months
- 31st December → 3 months
- 31st March → 0 months
Average period = 4.5 months
Total drawings = ₹ 48,000
Let the rate = R%
`1440 = (48,000 xx R xx 4.5)/(100 xx 12)`
1440 = 180R
R = 8%
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Chapter 1: Accounting for Partnership Firms - Fundamentals - PRACTICAL QUESTIONS [Page 1.125]
