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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Brij and Mohan are partners in a firm. They withdrew ₹48,000 and ₹36,000 respectively during the year evenly in the middle of every month. According to the partnership agreement, interest on drawings is to be charged @ 10% p.a. Calculate the interest on drawings of the partners using the appropriate formula.
As the drawings are made evenly in the middle of every month, interest is calculated for an average period of 6 months.
Interest on Brij’s drawings = ₹48,000 × 10/100 × 6/12 = ₹2,400.
Interest on Mohan’s drawings = ₹36,000 × 10/100 × 6/12 = ₹1,800.
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.37 - 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.
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
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