Amit and Bhola are partners in a firm. They share profits in the ratio of 3:2. As per their partnership agreement, interest on drawings is to be charged @ 10% p.a. Their drawings during 2017 were Rs. 24,000 and Rs. 16,000, respectively.
Calculate interest on drawings based on the assumption that the amounts were withdrawn evenly, throughout the year.

Answer

Interest on Amit’s Drawings, Rs. 1,200 and Bhola’s, Rs.800