Question 31 Chapter 2 of Class 12 Part – 1 Usha Publication

Question 31 Chapter 2 of Class 12 Part – 1 Usha Publication

31. (One partner’s interest is calculated for one year and other partners’ for half year) A and B and C are partners in 3:2:1. They made the drawings as follows:
Calculate interest on A’s drawings for the year 2016-17 assuming drawings are made
A : Rs.2,000 p.m. in the middle of each month during the year.
B : Rs.3,000 p.m. on the first day of every month for only 6 months.
C : Rs.4,000 p.m. on the last day of every month for only 6 months. Interest in case of B and C is to be calculated for six months.
The rate of interest is 6% p.a.

The solution of Question 31 Chapter 2 of Class 12 Part – 1 Usha Publication: -

We are providing a solution of Question 31 Chapter 2 of Class 12 Part - 1 Usha Publication in two formats. one is in Video format and another is in article format. Check out both formats as follows:

1. Check out the Solution of this question in Video Format:-

The video consists solution of questions numbers 28 to 33 Chapter No. 2 class 12 of Usha publication. To check the direct solution of question no. 31 from the following video by using time stamps of the video.

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2. Check out the Solution of this question in Article Format: -

Calculation of interest on partner's Drawings
If partners withdrawal the same amount of drawing on a regular basis then we can calculate the interest on drawing with help of following formula: -
Interest on Drawing = Total Drawings X Rate of Interest X Period/12 Months
Rate of Interest = 6%
Period = the period/time will be calculated with the help of following formula: -

Period	=	Time left after 1st withdrawal	+	Time left after Last withdrawal
		2

A: Rs.2,000 p.m. in the middle of each month during the year:

A’s withdrawal at the middle of every month = 2,000 p.m. Therefore, total drawings of the year= Rs.24,000.
It means 1st withdrawal has made on 15-04-20.
So, Time left from 15-4-20.. to 1-3-20.. is 11 months and 15 days. = 11.5 months
And last withdrawal has made on 15-3-20.
So, Time left from 15-3-20.. to 31-3-20. is 15 days = 0.5 month

Now, put this time period in the formula

Period	=	11.5	+	0.5
		2

Period	=	12
		2

Period

=

6

Total Drawings = 2,000*12=24,000

Interest on Drawing	=	24,000	X	6	X	6
				100		12
Interest on Drawing	=	720/-

B: Rs.3,000 p.m. on the first day of every month for only 6 months.

B’s withdrawal at the beginning of every month = 3,000 p.m. Therefore, total drawings of the year= Rs.18,000.
It means 1st withdrawal has made on 01-04-20.
So, Time left from 1-4-20… to 1-3-20… is 6 Months
And last withdrawal has made on 1-3-20.
So, Time left from 1-3-20… to 31-3-20… is 1 month.

Now, put this time period in the formula:

Period	=	6	+	1
		2

Period	=	7
		2

Period

=

3.5

Total Drawings = 3,000*6 = 18,000

Interest on Drawing	=	18,000	X	6	X	3.5
				100		12
Interest on Drawing	=	315/-

C: Rs.4,000 p.m. on the last day of every month for only 6 months.

A’s withdrawal at the end of every month = 4,000 p.m. Therefore, total drawings of the year= Rs.4,000*6 = Rs.24,000
It means 1st withdrawal has made on 31-04-2.
So, Time left from 31-4-20… to 31-9-20… is 5 Months
And last withdrawal has made on 1-9-20.
So, Time left from 31-9-20… to 31-9-20… is 0 month.

Period	=	5	+	0
		2

Period	=	5
		2

Period

=

2.5

Interest on Drawing	=	24,000	X	6	X	2.5
				100		12
Interest on Drawing	=	300/-