Harish is a Partner in a Firm. He Withdrew the Following Amounts During the Year 2017 - Bzziii.com

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Harish is a partner in a firm. He withdrew the following amounts during the year 2017 :

 Rs
February 014,000 
May 0110,000
June 304,000
October 3112,000
December 31 4,000
Interest on drawings is to be charged @ 7.5 % p.a.
Calculate the amount of interest to be charged on Harish’s drawings for the year ending December 31, 2017.




Calculation of Harish’s interest on Drawing

Drwings X PeriodProuduct
February 01,2017 to 31 Dec o1,20174,000 X 1144,000
May 01,2017 to 31 Dec o1,201710,000 X 880,000
June 30,2017 to 31 Dec o1,20174,000 X 624,000
October 31,2017 to 31 Dec o1,201712,000 x 224,000
December 31,2017 to 31 Dec o1,20174,000 X 00
Sum of Product1,72,000

Interest on Drawings

= Rs. 1,72,000 `\times` `frac{7.5}{100}` `\times` `1/12`

= Rs 1,075


Chapter-2 Partnership Basic: Accounts



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