A partner draws Rs 1,000 per month. Under the partnership deed, interest on partners drawings is to be charged @ 12 $%$ p.a. Calculate interest that should be charged from him if he withdraws :

(i) In the beginning of every quarter.

(ii) Middle of every quarter.

(iii) End of every quarter.

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Solution

(i) Interest on drawings = $1, 000 \times 4 \times \frac{7.5}{12} \times \frac{12}{100}$ = Rs 300

(ii) Interest on drawings = $1, 000 \times 4 \times \frac{6}{12} \times \frac{12}{100}$ = Rs 240

(iii) Interest on drawings = $1, 000 \times 4 \times \frac{4.5}{12} \times \frac{12}{100}$ = Rs 180

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A partner draws Rs 1,000 per month. Under the partnership deed, interest on partners drawings is to be charged @ 12% p.a. Calculate interest that should be charged from him if he withdraws : (i) In the beginning of every quarter. (ii) Middle of every quarter. (iii) End of every quarter.

(i) Interest on drawings = 1,000×4×7.512×12100 = Rs 300 (ii) Interest on drawings = 1,000×4×612×12100 = Rs 240 (iii) Interest on drawings = 1,000×4×4.512×12100 = Rs 180

A partner draws Rs 1,000 per month. Under the partnership deed, interest on partners drawings is to be charged @ 12 $%$ p.a. Calculate interest that should be charged from him if he withdraws :

(i) In the beginning of every quarter.

(ii) Middle of every quarter.

(iii) End of every quarter.

(i) Interest on drawings = $1, 000 \times 4 \times \frac{7.5}{12} \times \frac{12}{100}$ = Rs 300

(ii) Interest on drawings = $1, 000 \times 4 \times \frac{6}{12} \times \frac{12}{100}$ = Rs 240

(iii) Interest on drawings = $1, 000 \times 4 \times \frac{4.5}{12} \times \frac{12}{100}$ = Rs 180