(When drawings are made for a period of 6 months only). $A, B$ and $C$ are partners sharing profits equally. $A$ drew regularly $R s . 6, 000$ in the beginning .of every month for the six months ended 30th September, 2017. $B$ drew regularly $R s . 6, 000$ at the end of every month for the six months ended 30th September, 2017. $C$ drew regularly $R s . 6, 000$ in the middle of every month for the six months ended 30th September, 2017. Calculate interest on drawings @ $5 %$ p.a. when the books are closed on 31st March every year.

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Solution

Average period = Months left after first drawings+Months left after last drawings/2
A B C
Average period= (6+1)/2 (5+0)/2 (5.5+0.5)/2
=3.5 months = 2.5 months = 3 months

Interest on drawings= (60006)5%3.5/12 (60006)5%2.5/12 (360005%3/12)
= 525 =375 =450

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P, Q and R are partners in a firm. You find that :

(i) P drew Rs 6,000 in the beginning of every month for 6 months ending 30th September, 2016.

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Calculate interest on drawings at 8% p.a.

Menon and Thomas are partners in a firm. They share profits equally. Their monthly drawings are Rs 2,000 each. Interest on drawings is to be charged @ 10% p.a. Calculate interest on Menon’s drawings for the year 2006, assuming that money is withdrawn: (i) in the beginning of every month, (ii) in the middle of every month, and (iii) at the end of every month.

A, B and C are partners in a firm. You are informed that:

(i) A draws Rs 2,000 from the firm in the beginning of every month,

(ii) B draws Rs 2,000 from the firm at the end of every month, and

(iii) C draws Rs 2,000 from the firm in the middle of every month.

Interest on drawings is to be charged at 15% p.a. Calculate interest on partner's drawings.

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Average period = Months left after first drawings+Months left after last drawings/2 A B CAverage period= (6+1)/2 (5+0)/2 (5.5+0.5)/2 =3.5 months = 2.5 months = 3 monthsInterest on drawings= (6000*6)*5%*3.5/12 (6000*6)*5%*2.5/12 (36000*5%*3/12) = 525 =375 =450

Average period = Months left after first drawings+Months left after last drawings/2
A B C
Average period= (6+1)/2 (5+0)/2 (5.5+0.5)/2
=3.5 months = 2.5 months = 3 months

Interest on drawings= (60006)5%3.5/12 (60006)5%2.5/12 (360005%3/12)
= 525 =375 =450