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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
One of the partners in a partnership firm has withdrawn ₹9,000 at the end of each quarter throughout the year. Calculate the interest on drawings at the rate of 6% per annum.
Annual drawings = ₹9,000 × 4 = ₹36,000. As drawings are made at the end of each quarter, the average period = (9 + 0)/2 = 4.5 months.
Interest on drawings = ₹36,000 × 6/100 × 4.5/12 = ₹810.
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.39 - 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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