X tells you that his capital on 31st December 2016 is Rs 1,87,000 and his capital on 1st January 2016 was Rs 1,92,000. He further informs you that during the year, he gave a loan of Rs 35,000 to his brother on private account and withdrew Rs 3,000 per month for personal purposes, he also used a flat for his personal purposes, the rent of which at the rate of Rs 1,000 per month and electricity charges at an average rate of Rs 100 per month were paid from the business acount. During the year , he sold his $7 %$ government bonds of Rs 20,000 at $2 %$ premium and brought that money into the business. Besides this , there is no other information.

You are required to prepare a statement of profit.

Kartik started a firm on 1st April, 2015 with a capital of Rs. 30,000. On 1st July 2015, he borrowed from his wife a sum of Rs. 12,000 @ $9 %$ per annum (interest not yet paid) for business and introduce a further capital of his own amounted to Rs. 4,500. On 31st March, 2016 his position was, cash Rs. 1,800, stock Rs. 28,200, debtors Rs. 21,000 and creditors Rs. 18,000.

Ascertain his profit or loss taking into account Rs 6,000 for his drawings during the year.

Q. Calculate interest on drawings of Rakesh @

10 %

p.a. for the year ended 31st March, 2018 in each of the following alternative cases:
Case 1. If his drawings during the year were

R s . 30, 000

.
Case 2. If he withdraws

R s . 2, 500

per month during the year.

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The correct option is D Rs. 1,485Using the average method:Interest on Drawings = (3,000 x 12) x 9/100 x [(longest outstanding period + shortest outstanding period)/2]/12= (3,000 x 12) x 9/100 x [(11 + 0)/2]/12=(3,000 x 12) x 9/100 x (5.5/12)= 1,485

The correct option is D Rs. $1, 485$
Using the average method:
Interest on Drawings = (3,000 x 12) x 9/100 x [(longest outstanding period + shortest outstanding period)/2]/12
= (3,000 x 12) x 9/100 x [(11 + 0)/2]/12
=(3,000 x 12) x 9/100 x (5.5/12)
= 1,485