Home
Class 12
ACCOUNTS
A, B and C started a firam on 1st Octob...

A, B and C started a firam on 1st October , 2018 sharng profits equally .A drew regularly Rs. 4,000 in the beginning of every month of the six months ended 31 st March ,019 B drew regularly Rs. 4,000 at the end of every month for the six months ended 31 st March 2019 C drew regularly Rs. 4,000 in the middle of every months for the six months ended 31st March ,2019
Calculate interest in drawing @5% p.a for the period ended 31st MArch , 2019.

Text Solution

Verified by Experts

Total Drawwings of each parter =Rs. 4,000`xx` 6=Rs. 24,000.

Situation 8. if the date withdrawal in not given , then interest on total drawings for the year is calculated for six months on the average basis .
Promotional Banner

Topper's Solved these Questions

  • ACCOUNTING FOR PARTNERSHIP FIRMS-FUNDAMENTALS

    TS GREWAL|Exercise ANSWERS TO QUESTION|8 Videos

  • ACCOUNTING FOR PARTNERSHIP FIRMS-FUNDAMENTALS

    TS GREWAL|Exercise QUESTION|7 Videos

  • ACCOUNTING RATIOS

    TS GREWAL|Exercise Exercise|147 Videos

Similar Questions

Explore conceptually related problems

Y is a partner in a firm. He withdraw regularly Rs.3,000 at the end of every month for the six months ending 31st March, 2019. If interest on drawings is charged @10% p.a. the interest charged will be :

X is a partner in a firm. He withdrew regularly Rs.1,000 at the beginning of every month for the six months ending 31st March, 2019. If interest on drawings is charged @8% p.a. the interest charged will be :

Z is a partner in a firm. He withdraw regularly Rs.2,000 at the beginning of every month for the six months ending 31st March, 2019. If interest on drawings is charged @8% p.a. the interest charged will be :

Ajay is a partner in a firm. He withdrew Rs.2,000 per month on the last day of every month during the year ended 31st March, 2019. If interest on drawings is charged @9% p.a. the interest charged will be :

Bharam is a partner in a firm. He withdraws Rs. 3,000 at the starting of each month for 12 months. The books of the firm closes on March 31 every year. Calculate interest on drawings if the rate of interest is 10% p.a.

In the year ended 31st March 2019 subscriptions received by kings Club Delhi were Rs. 4,09,000 including Rs. 5,000 for the year ended 31st March 2018 and Rs 10,000 for the ended 31st March 2020. At the end of the year ended 31st March ,2019 subscriptions outstanding for the year ended 31st March 2019 were Rs. 15,000. The subscriptions due but not received at the end of the previous year i.e., 31st March 2018 were Rs. 8,000 while subscriptions received in advance on the same date were Rs.18,000. Calculate amount of subscriptions to be credited to income and Expenditure Account for the ended 31st March 2019 .