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Question 34 Chapter 2 of Class 12 Part – 1
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34. Jim, Sim and Tim are partners in a firm and have made the following drawings:
Jim withdrew Rs. 10,000 in the beginning of every month, while Sim and Tim withdrew the same amount as given above at the middle and end of every month respectively. Interest on drawings is to be charged at 15% pa. Calculate interest on each partner’s drawings.
The solution of Question 34 Chapter 2 of Class 12 Part – 1: –
Total Drawings = 10,000 × 12 = Rs. 1,20,000 (in case of every partner)
Interest on Drawings:
Jim withdrew Rs. 10,000 p.m. in the beginning of every month, interest on the whole amount will be calculated for 6 1⁄2months.
| Interest on Drawing | = | Total Drawing | X | Rate | X | 6.5 |
| 100 | 12 |
| Interest on Drawing | = | 1,20,000 | X | 15 | X | 6.5 |
| 100 | 12 |
Interest on Drawing= Rs.9,750
Sim withdrew Rs. 10,000 p.m. in the middle of every month, interest on the whole amount will be calculated for 6 months.
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| Interest on Drawing | = | 1,20,000 | X | 15 | X | 6 |
| 100 | 12 |
Interest on Drawing = Rs. 9,000
Tim withdrew Rs. 10,000 p.m. at the end of every month, interest on the whole amount will be calculated for 5% months.
| Interest on Drawing | = | 1,20,000 | X | 15 | X | 5.5 |
| 100 | 12 |
Interest on Drawing= Rs.8,250
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Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution
Chapter No. 1 – Accounting Not for Profit Organisations
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)
Chapter No. 8 – Company Accounts (Share Capital)
Chapter No. 9 – Company Accounts (Issue of Debentures)
Chapter No. 10 – Company Accounts (Redemption of Debentures)
Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution
Chapter No. 1 – Financial Statements of a Company
Chapter No. 2 – Financial Statement Analysis
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Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
Chapter No. 4 – Ratio Analysis
Chapter No. 5 – Cash Flow Statement
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