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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Ram and Mohan, two partners, drew for their personal use ₹1,20,000 and ₹80,000. Interest is chargeable @ 6% p.a. on the drawings. What is the amount of interest chargeable from each partner?
As the dates of drawings are not given, interest on drawings is calculated on an average basis for 6 months.
Interest on Ram’s drawings = ₹1,20,000 × 6/100 × 6/12 = ₹3,600.
Interest on Mohan’s drawings = ₹80,000 × 6/100 × 6/12 = ₹2,400.
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.
This guide covers "T.S. Grewal Class 12 Chapter 1 Q.36 - Accounting for Partnership Firm Fundamentals", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Chapter 1 - Accounting for Partnership Firm – Fundamentals.
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