MENU
Question -

Rakesh and Roshan are partners, sharing profits in the ratio of 3:2 with capitals of ₹ 40,000 and ₹ 30,000, respectively. They withdrew from the firm the following amounts, for their personal use:

Rakesh

Month

₹

 

May 31, 2016

600

 

June 30, 2016

 500

 

August 31, 2016

1,000

 

November 1, 2016

400

 

December 31, 2016

1,500

 

January 31, 2017

 300

 

March 01, 2017

 700

Rohan

At the beginning of each month

 400
Interest is to be charged @ 6% p.a. Calculate interest on drawings, assuming that book of accounts are closed on March 31, 2017, every year.



Answer -

Rakesh’s Interest onDrawings

 

Drawings × Period

Product

31 May 2016 to 31 March 2017

600 × 10 =

6,000

30 June 2016 to 31 March 2017

500 ×   9 =

4,500

31 August 2016 to 31 March 2017

1,000 ×   7 =

7,000

1 November 2016 to 31 March 2017

400 ×   5 =

2,000

31 December 2016 to 31 March 2017

1,500 ×   3 =

4,500

31 January 2017 to 31 March 2017

300 ×   2 =

6,00

01 March 2017 to 31 March 2017

700 ×   1 =

700

 

Sum of Product

25,300

Comment(S)

Show all Coment

Leave a Comment

Free - Previous Years Question Papers
Any questions? Ask us!
NodeJS Interview Questions Answers
ASP.Net Interview Questions Answers
Interview Questions Answers
×