Question 16 Chapter 2 – Unimax Class 12 Part 1
Table of Contents
16. A, B, C, D and E are five partners. Their drawings are given below. Calculate interest on drawings for year ended 31st March, 2021, if rate of interest on drawings is 12% per annum.
A- Rs. 5000 in the beginning of every month.
B- Rs. 3500 at the end of every month.
C- Rs. 4000 in the middle of every month.
D- Rs. 96800 during the year.
| E – | [ | Rs. 4000 on 1st July, 2020 Rs. 30000 on 30th Sep. 2020 Rs. 2000 on 1st January, 2021 |
] |
Question 16 Chapter 2 – Unimax Class 12 Part 1 – 2021
| A. Amount withdrawn during the year | =Rs. 5000 x 12 = Rs. 60000 |
| Interest on drawings | = Rs. 60000 x 12% x 13/24 |
| = Rs. 3900 | |
| B. Amount withdrawn during the year | =Rs. 3500 x 12 = Rs. 42000 |
| Interest on drawings | = Rs. 42000 x 12% x 11/24 |
| = Rs. 2310 | |
| C. Amount withdrawn during the year | =Rs. 4000 x 12 = Rs. 48000 |
| Interest on drawings | = Rs. 48000 x 12% x 12/24 |
| = Rs. 2880 | |
| D. Amount of drawings | = Rs. 96800 |
| Interest on drawings | = Rs. 96800 x 12% x 6/12 |
| = Rs. 5808 |
| Date | Amount (Rs.) Withdrawn | Months | Product (Rs.) |
| 1st July, 2005 | 4000 | 9 | 36000 |
| 30th Sept., 2005 | 30000 | 6 | 180000 |
| 1st Jan., 2006 | 2000 | 3 | 6000 |
| 222,000 |
Interest = 222,000 x 12% x 1/12
= Rs. 2220
https://tutorstips.com/not-for-profit-organisations/
T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)
- Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
- Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
- Chapter No. 3 – Goodwill: Nature and Valuation
- Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
- Chapter No. 5 – Admission of a Partner
- Chapter No. 6 – Retirement/Death of a Partner
- Chapter No. 7 – Dissolution of a Partnership Firm
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
- Chapter No. 8 – Company Accounts – Accounting for Share Capital
- Chapter No. 9 – Company Accounts – Issue of Debentures
- Chapter No. 10 – Redemption of Debentures
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis – Comparative Statements and Common- Size Statements
- Chapter No. 4 – Accounting Ratios
- Chapter No. 5 – Cash Flow Statement
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication