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Answer» Answer: Rakesh and Roshan are partners, SHARING profits 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: Rakesh Month Rs
May 31, 2016 600
June 30, 2016
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. SOLUTION Rakesh’s Interest on Drawings
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 Interest = Sum of Product × Rate 100 Rate100 x 1 12 112 = 25,300 x 6 100 6100 x 1 12 112 = Rs 126.5 Interest on Rohan’s Capital = Total DRAWING × Rate 100 Rate100 x 13 2 × 12 132×12 = 4,800 x 6 100 6100 x 3 2 × 12 32×12 = Rs 156. Explanation: please mark me Brian list answer |
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