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Question -

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

Rakesh

Month

тВ╣

┬а

May 31, 2016

600

┬а

June 30, 2016

┬а500

┬а

August 31, 2016

1,000

┬а

November 1, 2016

400

┬а

December 31, 2016

1,500

┬а

January 31, 2017

┬а300

┬а

March 01, 2017

┬а700

Rohan

At the beginning of each month

┬а400
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 -

RakeshтАЩs Interest onDrawings

┬а

Drawings ├Ч Period

Product

31 May 2016 to 31 March 2017

600 ├Ч 10 =

6,000

30 June 2016 to 31 March 2017

500 ├Ч ┬а┬а9 =

4,500

31 August 2016 to 31 March 2017

1,000 ├Ч┬а ┬а7 =

7,000

1 November 2016 to 31 March 2017

400 ├Ч┬а┬а 5 =

2,000

31 December 2016 to 31 March 2017

1,500 ├Ч┬а ┬а3 =

4,500

31 January 2017 to 31 March 2017

300 ├Ч ┬а┬а2 =

6,00

01 March 2017 to 31 March 2017

700 ├Ч ┬а┬а1 =

700

┬а

Sum of Product

25,300

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