Interest On Drawings

X and Y are partners. X draws a fixed amount at the beginning of every month. Interest on drawings is charged @8% p.a. At the end of the year interest on X's drawings amounts to Rs.2,600. Drawings of X were :

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drawings is to be charged @ 10% p.a. Calculate interest on Menon’s drawings for the year 2006, assuming that money is withdrawn: (i) in the beginning of every month, (ii) in the middle of every month, and (iii) at the end of every month.

Harish is a partner in a firm. He withdrew the following amounts during the year 2017 : {:(,," "Rs.,),("February "01,,4_(,)000,),("May "01,,10_(,)000,),("June "30,,4_(,)000,),("October "31,,12_(,)000,),("December "31,,4_(,)000,):} Interest on drawings is to be charged @ 7½ % p.a. Calculate the amount of interest to be charged on Harish’s drawings for the year ending December 31, 2017.

From the following balances extracted from the book of M/s Manju Chawla on March 31, 2017. You are requested to prepare the trading and profit and loss account and a balance sheet as on this date. Closing stock was Rs. 2,000. (a) Interest on drawings @ 7% and interest on capital @ 5%. (b) Land and Machinery is depreciated at 5%. (c) Interest on investment @ 6%. (d) Unexpired rent Rs. 100. (e) Charge 5% depreciation on furniture.

Prepare the trading and profit and loss account and balance sheet of M/s Control Device India on March 31, 2017 from the following balance as on that date. Closing stock was valued Rs. 20,000. (a) Interest on capital @ 10%. (b) Interest on drawings @ 5%. (c) Wages outstanding Rs. 50. (d) Outstanding salary Rs. 20. (e) Provide a depreciation @ 5% on plant and machinery. (f) Make a 5% provision on debtors.

The net profit of X, Y and Z for the year ended March 31, 2016 was Rs. 60,000 and the same was distributed among them in their agreed ratio of 3 : 1 : 1. It was subsequently discovered that the under mentioned transactions were not recorded in the books : (i) Interest on Capital @ 5% p.a. (ii) Interest on drawings amounting to X Rs. 700, Y Rs. 500 and Z Rs. 300. (iii) Partner’s Salary : X Rs. 1000, Y Rs. 1500 p.a. The capital accounts of partners were fixed as : X Rs. 1,00,000, Y Rs. 80,000 and Z Rs. 60,000. Record the adjustment entry.

A and B are partners. B draws a fixed amount at the end of every month. Interest on drawing is charged @15% p.a. At the end of the year interest on B's drawings amounts to Rs.8,250. Drawings of B were :