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Partners are suppose to pay interest on ...

Partners are suppose to pay interest on drawing only when ….. By the ……

A

Provided, Agreement

B

Permitted, Investors

C

Agreed, Partners

D

A' & 'C' above

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In a partnership firm, a partner withdraw Rs.5,000 per month on the first day of every month during the year for personal expenses. If interest on drawings is charged @6% p.a. the interest charged will be :

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 Calculate interest on drawings based on the assumption that the amounts were withdrawn evenly, throughout the year.

DK GOEL-ACCOUNTING FOR PARTNERSHIP FIRMS - FUNDAMENTALS -Multiple Choice Questions (vi) Interest on Drawings (HOTS)
  1. Partners are suppose to pay interest on drawing only when ….. By the …...

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  2. Where will you record interest on drawing :

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  3. How would you close the Partner's Drawing Account :

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  4. If date of drawings of the partner's is not given in the question, int...

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  5. Vikas is a partner in a firm. His drawings during the year ended 31st ...

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  6. If a fixed amount is withdrawn by a partner on the first day of every ...

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  7. If a fixed amount is withdrawn by a partner on the last day of every m...

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  8. If a fixed amount is withdrawn by a partner in the middle of every mon...

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  9. In a partnership firm, a partner withdraw Rs.5,000 per month on the fi...

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  10. Ajay is a partner in a firm. He withdrew Rs.2,000 per month on the las...

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  11. Ajay is a partner in a firm. He withdrew Rs.2,000 per month on the las...

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  12. If fixed amount is withdrawn by a partner on the first day of each qua...

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  13. If a fixed amount is withdrawn by a partner on the last day of each qu...

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  14. If a fixed amount is withdrawn by a partner in the middle of each quar...

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  15. Anuradha is a partner in a firm. She withdraw Rs.6,000 in the beginnin...

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  16. Bipasa is a partner in a firm. She withdraw Rs.6,000 at the end of eac...

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  17. Charulata is a partner in a firm. She withdraw Rs.10,000 in each quart...

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  18. If equal amount is withdrawn by a partner in the beginning of each mon...

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  19. If equal amount is withdrawn by a partner in the end of each month dur...

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  20. If equal amount is withdrawn by a partner in middle of each month duri...

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