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Rakesh and Roshan are partners, sharing profits in the ratio of 3:2 with capitals of Rs 40,000 and Rs 30,000, respectively. They withdrew from the firm the following amounts, for their personal use: Rakesh Month Rs May 31, 2016 600 June 30, 2016 500 August 31, 2016 1,000 November 1, 2016 400 December 31, 2016 1,500 January 31, 2017 300 March 01, 2017 700 Rohan At the beginning of each month 400 Interest is to be charged 6% p.a. Calculate interest on drawings, assuming that book of accounts are closed on March 31, 2017, every year. |
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Answer» Rakesh and Roshan are partners, sharing profits in the ratio of 3:2 with capitals of Rs 40,000 and Rs 30,000, respectively. They withdrew from the firm the following amounts, for their personal use:
Interest is to be charged 6% p.a. Calculate interest on drawings, assuming that book of accounts are closed on March 31, 2017, every year.
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