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

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:

RakeshMonthRs
 May 31, 2016600
 June 30, 2016 500
 August 31, 20161,000
 November 1, 2016400
 December 31, 20161,500
 January 31, 2017 300
 March 01, 2017 700
RohanAt the beginning of each month400
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 × PeriodProduct
May 31, 2016 to March 31,2017600 X 106,000
June 30, 2016 to March 31,2017500 X 94,500
August 31, 2016 to March 31,20171,000 X 77,000
November 1, 2016 to March 31,2017400 X 52,000
December 31, 2016 to March 31,20171,500 X 34,500
January 31, 2017 to March 31,2017300 X 2600
March 01, 2017 to March 31,2017700 X 1700
Sum of product25,300
Calculations for Interest of Rakesh's Capital

Interest = Sum of Product `\times` `"Rate"/"100"` `\times` `1/12`

Interest = 25,300 `\times` `"6"/"100"` `\times` `1/12`

= Rs. 126.5


Calculations for Interest of Rohan's Capital

Interest = Sum of Product `\times` `"Rate"/"100"` `\times` `1/12`

Interest = 4,800 `\times` `"6"/"100"` `\times` `frac{13}{2\times12}`

= Rs. 156.




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