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Question
Ram and Mohan, two partners, drew for their personal use Rs. 1,20,000 and Rs. 80,000. Interest is chargeable @ 6% p.a. on the drawings. What is the amount of interest chargeable from each partner?
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Solution
Calculation of interest on drawings:
Ram's interest= 120000 * 6/12 * 6/100 = 3600Mohan's interest= 80000 * 6/12 * 6/100 = 2400Note: Since no date has been specified, interest on drawings is calculated on an average basis of six months.
Ram's interest= 120000 * 6/12 * 6/100
= 3600
Mohan's interest= 80000 * 6/12 * 6/100
= 2400
Note: Since no date has been specified, interest on drawings is calculated on an average basis of six months.
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