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Question 36 Chapter 2 of Class 12 Part - 1
36.Ram, Sam and Pam are partners in a firm who made drawings of Rs. 15,000 each in the beginning, middle and end of each quarter respectively during the last year. Interest on Drawings are to be changed at 6 % p.a. Calculate interest on Partner’s drawings.
Total Drawings of each partner = Rs. 15,000 x 4= Rs. 60,000
Interest on Ram's drawings made in the beginning of each quarter
| Interest on Drawing | = | Total Drawing | X | Rate | X | 7.5 |
| 100 | 12 |
| Interest on Drawing | = | 60,000 | X | 6 | X | 7.5 |
| 100 | 12 |
Interest on Drawing = Rs. 2,250
Interest on Sam's drawings made in the middle of each quarter
| Interest on Drawing | = | 60,000 | X | 6 | X | 7 |
| 100 | 12 |
Interest on Drawing = Rs. 1,800
Interest on Pam's drawings made at the end of each quarter
| Interest on Drawing | = | 60,000 | X | 6 | X | 4.5 |
| 100 | 12 |
Interest on Drawing = Rs. 1,350
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Also, Check out the solved question of all Chapters: -
Chapter No. 1 - Accounting Not for Profit Organisations
Chapter No. 2 - Partnership Accounts - I (Introduction)
Chapter No. 3 - Partnership Accounts - II (Goodwill: Nature and Valuation)
Chapter No. 4 - Partnership Accounts - III (Reconstitution of Partnership)
Chapter No. 5 - Partnership Accounts - IV (Admission of A Partner)
Chapter No. 6 - Partnership Accounts - V (Retirement and Death of A Partner)
Chapter No. 7 - Partnership Accounts - VI (Dissolution of Partnership Firm)
Chapter No. 8 - Company Accounts (Share Capital)
Chapter No. 9 - Company Accounts (Issue of Debentures)
Chapter No. 10 - Company Accounts (Redemption of Debentures)
Chapter No. 1 - Financial Statements of a Company
Chapter No. 2 - Financial Statement Analysis
Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
Chapter No. 4 - Ratio Analysis
Chapter No. 5 - Cash Flow Statement
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Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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