Question 16 Chapter 2 – Unimax Class 12 Part 1 – 2021

Question 16 Chapter 2 - Unimax Class 12 Part 1 - 2021

Question 16 Chapter 2 – Unimax Class 12 Part 1

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A. Amount withdrawn during the year =Rs. 5000 x 12 = Rs. 60000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B. Amount withdrawn during the year =Rs. 3500 x 12 = Rs. 42000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C. Amount withdrawn during the year =Rs. 4000 x 12 = Rs. 48000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 Withdrawn Months Product (Rs.)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)

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

Leave a Reply

Your email address will not be published. Required fields are marked *