Plz solve qno 18 â ‹Q18 Rakesh and Roshan are partners sharing profit in the ratio of 3 - Accountancy - Accounting for Partnership Basic Concepts

Question

Plz solve qno 18

â€‹Q18 Rakesh and Roshan are partners sharing
profit in the ratio of 3 : 2 with capitals of Rs 40,000 and Rs
30,000, respectively They withdrew from the firm the following
amounts for their personal use

Date
Amount (Rs )

Rakesh

31st May, 2014
30st June, 2014
31st August, 2014
1st November, 2014
31st December, 2014
31stJanuary, 2015
1st March, 2014â€‹
600
500
1,000
400
1,500
300
700

At the beginning of each month
400

Interest is to be charged @ 6% per annum on drawings Calculate
interest on drawings, assuming that books of accounts are closed on
31st March, 2015, every year

Neha Arora · Accepted Answer

Dear Student,

Calculation of Interest on Rakesh’s Drawings: When
unequal amounts are withdrawn at unequal imtervals

Year
2009
Drawings
×
Period
=
Product

May 31
600
×
10
=
6,000

June 30
500
×
9
=
4,500

Aug 31
1,000
×
7
=
7,000

Nov 01
400
×
5
=
2,000

Dec 31
1,500
×
3
=
4,500

Jan 31
300
×
2
=
600

Mar 01
700
×
1
=
700

Sum of
Product
25,300

Interest on Drawings=Sum of Product×Rate100×112                                    =25,300×6100×112=Rs 126
50

Calculation of Interest on Roshan’s Drawings: When
equal amounts are withdrawn at equal
imtervalsâ€‹

Interest on Drawings=Annual Drawings×Rate100×6
512                                    =(400×12)×6100×6
512=Rs 156

Total Interest = 126 50 + 156 = Rs 282 50

	Date	Amount (Rs.)
Rakesh	31^st May, 2014 30^st June, 2014 31^st August, 2014 1^st November, 2014 31^st December, 2014 31^stJanuary, 2015 1^st March, 2014	600 500 1,000 400 1,500 300 700
	At the beginning of each month	400

Year 2009	Drawings	×	Period	=	Product
May 31	600	×	10	=	6,000
June 30	500	×	9	=	4,500
Aug 31	1,000	×	7	=	7,000
Nov 01	400	×	5	=	2,000
Dec 31	1,500	×	3	=	4,500
Jan 31	300	×	2	=	600
Mar 01	700	×	1	=	700
Sum of Product					25,300