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Standard XII

Accountancy

Interest on Drawings-Withdrawn in the Beginning of Every Month

Kiran, a part...

Question

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 If the amounts withdrawn were: Rs.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. $8, 000$ ; on August 31, 2015, Rs. $3, 000$ ; on September 30, 2015, Rs. $7, 000$ , on November 30, 2015, and Rs. $6, 000$ on January 31, 2016. Calculate interest in drawings, if rate of interest is $9$ per cent per annum.

Rs.

1, 800

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Rs.

2, 400

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Rs.

1, 755

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Rs.

1, 585

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Solution

The correct option is D Rs. $1, 755$
S.No. Amount withdrawn Date of drawing No. of months
till 31.03.2017 Product
1. 12,000 01.06.2015 10 1,20,000
2. 8,000 31.08.2015 7 56,000
3. 3,000 30.09.2015 6 18,000
4. 7,000 30.11.02015 4 28,000
5. 6,000 31.01.2016 2 12,000
Total Product 2,34,000
Interest on Drawings Total Product x Rate of Interest x Common Factor
2,34,000x 9% x 1/12
1,755
(Rate of Interest = 9%)
(Common factor = 1/12)

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On $1$ st May $214$	Rs. $1, 000$
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On $1$ st March $2015$	Rs. $1, 000$

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March 31, 2018	Rs 7,000

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Q. John, a partner in Modern Tours and Travels withdrew money during the year ending March 31, 2016 from his capital account, for his personal use. Calculate interest on drawings, if rate of interest is 9 per cent per annum. If an amount of Rs.

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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.

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S.No.	Amount withdrawn	Date of drawing	No. of months till 31.03.2017	Product
1.	12,000	01.06.2015	10	1,20,000
2.	8,000	31.08.2015	7	56,000
3.	3,000	30.09.2015	6	18,000
4.	7,000	30.11.02015	4	28,000
5.	6,000	31.01.2016	2	12,000
		Total Product		2,34,000
		Interest on Drawings		Total Product x Rate of Interest x Common Factor
				2,34,000x 9% x 1/12
				1,755
				(Rate of Interest = 9%)
				(Common factor = 1/12)