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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-Accountancy - Bzziii.com
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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.
Interest on Drawing
Rakesh
Drawings × Period
Product
May 31, 2016 to March 31,2017
600 X 10
6,000
June 30, 2016 to March 31,2017
500 X 9
4,500
August 31, 2016 to March 31,2017
1,000 X 7
7,000
November 1, 2016 to March 31,2017
400 X 5
2,000
December 31, 2016 to March 31,2017
1,500 X 3
4,500
January 31, 2017 to March 31,2017
300 X 2
600
March 01, 2017 to March 31,2017
700 X 1
700
Sum of product
25,300
Calculations for Interest of Rakesh's Capital
Interest = Sum of Product `\times` `"Rate"/"100"` `\times` `1/12`
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