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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
A and B are partners sharing profits equally. A drew regularly ₹4,000 in the beginning of every month for the six months ended 30th September, 2024. Calculate the interest on drawings @ 5% p.a. for a period of six months ended 30th September, 2024.
Total drawings = ₹4,000 × 6 = ₹24,000. As drawings are made in the beginning of every month for 6 months, the average period = (6 + 1)/2 = 3.5 months.
Interest on A’s drawings = ₹24,000 × 5/100 × 3.5/12 = ₹350.
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.40 - 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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