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Question 31 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 31 Chapter 2 of +2- Part-
Q-31 - CH-2 - Usha +2 Book 2018 - Solution

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Question 31 Chapter 2 of +2-Part-1

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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:

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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=24,000X6X6
10012
       
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.

Now, put this time period in the formula:

Period=6+1
2
Period=7  
2

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Period=3.5

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Total Drawings = 3,000*6 = 18,000

Interest on Drawing=18,000X6X3.5
10012
       
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
Interest on Drawing=24,000X6X2.5
10012
       
Interest on Drawing=300/-    

 

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Also, Check out the solved question of previous Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

 

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

+2 Book 1-min
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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