Question 31 Chapter 2 of +2-Part-1
31. (One partner’s interest is calculated for one year and other partners’ for half year) A and B and C are partners in 3:2:1. They made the drawings as follows:
Calculate interest on A’s drawings for the year 2016-17 assuming drawings are made
A : Rs.2,000 p.m. in the middle of each month during the year.
B : Rs.3,000 p.m. on the first day of every month for only 6 months.
C : Rs.4,000 p.m. on the last day of every month for only 6 months. Interest in case of B and C is to be calculated for six months.
The rate of interest is 6% p.a.
The solution of Question 31 Chapter 2 of +2 Part-1: –
Calculation of interest on partner’s Drawings
If partners withdrawal the same amount of drawing on a regular basis then we can calculate the interest on drawing with help of following formula: –
Interest on Drawing = Total Drawings X Rate of Interest X Period/12 Months
Rate of Interest = 6%
Period = the period/time will be calculated with the help of following formula: –
| Period | = | Time left after 1st withdrawal | + | Time left after Last withdrawal |
| 2 | ||||
A: Rs.2,000 p.m. in the middle of each month during the year:
A’s withdrawal at the middle of every month = 2,000 p.m. Therefore, total drawings of the year= Rs.24,000.
It means 1st withdrawal has made on 15-04-20.
So, Time left from 15-4-20.. to 1-3-20.. is 11 months and 15 days. = 11.5 months
And last withdrawal has made on 15-3-20.
So, Time left from 15-3-20.. to 31-3-20. is 15 days = 0.5 month
Now, put this time period in the formula
| Period | = | 11.5 | + | 0.5 |
| 2 | ||||
| Period | = | 12 | ||
| 2 | ||||
| Period | = | 6 |
Total Drawings = 2,000*12=24,000
| Interest on Drawing | = | 24,000 | X | 6 | X | 6 |
| 100 | 12 | |||||
| Interest on Drawing | = | 720/- |
B: Rs.3,000 p.m. on the first day of every month for only 6 months.
B’s withdrawal at the beginning of every month = 3,000 p.m. Therefore, total drawings of the year= Rs.18,000.
It means 1st withdrawal has made on 01-04-20.
So, Time left from 1-4-20… to 1-3-20… is 6 Months
And last withdrawal has made on 1-3-20.
So, Time left from 1-3-20… to 31-3-20… is 1 month.
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Now, put this time period in the formula:
| Period | = | 6 | + | 1 |
| 2 | ||||
| Period | = | 7 | ||
| 2 | ||||
| Period | = | 3.5 |
Total Drawings = 3,000*6 = 18,000
| Interest on Drawing | = | 18,000 | X | 6 | X | 3.5 |
| 100 | 12 | |||||
| Interest on Drawing | = | 315/- |
C: Rs.4,000 p.m. on the last day of every month for only 6 months.
A’s withdrawal at the end of every month = 4,000 p.m. Therefore, total drawings of the year= Rs.4,000*6 = Rs.24,000
It means 1st withdrawal has made on 31-04-2.
So, Time left from 31-4-20… to 31-9-20… is 5 Months
And last withdrawal has made on 1-9-20.
So, Time left from 31-9-20… to 31-9-20… is 0 month.
| Period | = | 5 | + | 0 |
| 2 | ||||
| Period | = | 5 | ||
| 2 | ||||
| Period | = | 2.5 |
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| Interest on Drawing | = | 24,000 | X | 6 | X | 2.5 |
| 100 | 12 | |||||
| Interest on Drawing | = | 300/- |
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End of Solution
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Chapter-Wise Solution of Usha Publication Accountancy – Part 1 Class 12 – Session 2024-25 as per the PSEB curriculum
Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 1 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.
Chapter No. 1 – Accounting Not-for-Profit Organisations (Deleted from the Syllabus)
Chapter No. 2 – Partnership Accounts – I (Introduction)
Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
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Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
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- Chapter No. 1 – Accounts of Non-Profit Organisations (Deleted from the Syllabus)
- Chapter No. 2 – Partnership Accounts – I (Basic Concepts)
- Chapter No. 3 – Partnership Accounts – II (Goodwill)
- Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)
- Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
- Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
- Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
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