Rishi is a Partner in a Firm. He Withdrew the Following Amounts During the Year Ended March 31, 2017 :- Rishi

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Rishi is a partner in a firm. He withdrew the following amounts during the year ended March 31, 2017.

May 01, 2017Rs 12000
July 31, 2017Rs 6000
September 30, 2017Rs 9000
November 30, 2017Rs 12000
January 01, 2018Rs 8000
March 31, 2018Rs 7000
Interest on drawings is charged @ 9% p.a.
Calculate interest on drawings.


Product Method

Drawings × PeriodProduct
01 May, 2017 to 31 March 201812,000 × 111,32,000
31 July, 2017 to 31 March 20186,000 × 848,000
30 September, 2017 to 31 March 20189,000 × 654,000
30 Nov. 2017 to 31 March 201812,000 × 448,000
01 Jan. 2018 to 31 March 20188,000 × 324,000
31 March 2018 to 31 March 20187,000 × 00
 Sum of Product3,06,000

Interest on Drawings = Product `\times` `"Rate"/"100"` `\times` `1/12`

= Rs. 3,06,000 `\times` `9/100` `\times` `1/2`

= Rs. 2,295
                                                                                                                                                                                                                                                                                      

Chapter-2 Partnership Basic: Accounts



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