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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
A, B and C are partners. During the year ended 31st March, 2025, each of the partners withdrew ₹10,000 regularly. A withdrew in the beginning of every month for the first 6 months of the year, B withdrew in the middle of every month for the first 6 months, and C withdrew at the end of every month for the first 6 months. Calculate the interest on drawings @ 6% p.a. for the year ended 31st March, 2025.
Total drawings of each partner = ₹10,000 × 6 = ₹60,000. Interest is charged up to 31st March, 2025.
A (beginning of month, first 6 months): average period = (12 + 7)/2 = 9.5 months → ₹60,000 × 6/100 × 9.5/12 = ₹2,850.
B (middle of month, first 6 months): average period = (11.5 + 6.5)/2 = 9 months → ₹60,000 × 6/100 × 9/12 = ₹2,700.
C (end of month, first 6 months): average period = (11 + 6)/2 = 8.5 months → ₹60,000 × 6/100 × 8.5/12 = ₹2,550.
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.45 - 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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