Harish is a partner in a firm. He withdrew the following amounts during the year 2017 :

Rs

February 01

4,000

May 01

10,000

June 30

4,000

October 31

12,000

December 31

4,000

Interest on drawings is to be charged @ 7.5 % p.a.

Calculate the amount of interest to be charged on Harish’s drawings for the year ending December 31, 2017.

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Solution

Calculation of interest on Harish’s drawings

Drawings × Period

Product

01 Feb. 17 to 31 Dec. 17

4,000 × 11 =

44,000

01 May 17 to 31 Dec. 17

10,000 × 8 =

80,000

30 June 17 to 31 Dec. 17

4,000 × 6 =

24,000

31 Oct. 17 to 31 Dec. 17

12,000× 2 =

24,000

31 Dec. 17 to 31 Dec. 17

4,000 × 0 =

0

Sum of Product

1,72,000

Interest on drawings = 1,72,000 × = Rs 1,075

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Harish is a partner in a firm. He withdrew the following amount during the year 2006

(Rs)

February 1 4,000

May 1 10,000

June 30 4,000

October 31 12,000

December 31 4,000

Interest on drawings is to be charged $@ 7 \frac{1}{2} % p a .$

Calculate the amount of interest to be charged on Harish's drawings for the year ending December 31, 2006.

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	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.

Rishi is a partner in a firm. He withdrew the following amounts during the year ended March 31, 2018.

May 01, 2017	Rs 12,000
July 31, 2017	Rs 6,000
September 30, 2017	Rs 9,000
November 30, 2017	Rs 12,000
January 01, 2018	Rs 8,000
March 31, 2018	Rs 7,000

Interest on drawings is charged @ 9% p.a. Calculate interest on drawings.

Himanshu withdrews Rs 2,500 at the end Month of each month. The Partnership deed provides for charging the interest on drawings @ 12% p.a. Calculate interest on Himanshu’s drawings for the year ending 31st December, 2017.

Q. Kiran, a partner in a firm, withdrew money from his capital account during the year ended 31, March 2017. If the amounts withdrawn were: Rs.

12, 000

on June 01, 2015, Rs.

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	Rs
February 01	4,000
May 01	10,000
June 30	4,000
October 31	12,000
December 31	4,000

	Drawings × Period	Product
01 Feb. 17 to 31 Dec. 17	4,000 × 11 =	44,000
01 May 17 to 31 Dec. 17	10,000 × 8 =	80,000
30 June 17 to 31 Dec. 17	4,000 × 6 =	24,000
31 Oct. 17 to 31 Dec. 17	12,000× 2 =	24,000
31 Dec. 17 to 31 Dec. 17	4,000 × 0 =	0
	Sum of Product	1,72,000