Page No 2.88:
Question 36:
Brij and Mohan are
partners in a firm. They withdrew ` 48,000 and ` 36,000
respectively during the year evenly in the middle of every month. According to
the partnership agreement, interest on drawings is to be charged @ 10% p.a.
Calculate interest on drawings of the partners using the appropriate formula.
Answer:
Since, the drawings are made evenly at the middle of every month, therefore interest on drawings is calculated for a period of six months.
Interest on Brij's Drawings=
`. 48,000×10/100×6/12= `
2,400
Interest on Mohan's Drawings=
`. 36,000×10/100×6/12= `
1,800
Page No 2.88:
Question 37;
Dev withdrew `10 000 on 15th day of every month Interest on drawings was to be charged @ 12% per annum. Calculate interest oh Dev's Drawings. (CBSC 2019)
Answer;
Interest on Dev’s
Drawings=10,000×12=1,20,000×12/100×6/12=7,200
Note ; Interest on
drawing will be calculated for 6 month as average ,because same amount
withdrawn in the middle of every month during the year
Page No 2.88:
Question 38:
One of the partners in a partnership firm has withdrawn ` 9,000 at the end of each quarter, throughout the year. Calculate interest on drawings at the rate of 6% per annum.
Answer:
Amount of Drawings
= ` 9,000 per quarter
Annual Drawings= ` (9,000 × 4) = ` 36,000
Rate of Interest on Drawings = 6% p.a.
Average
Period 
= 
(Months
left after the first drawings + Months left after the last drawings)/2 

= 
(9
+ 0)/2 = 4.5 months 
Interest on Drawings 
= 
(Annual drawings × Rate of Drawings/100 × Average
Period/12) 

= 
(36,000
× 6/100 × 4.5/12) = ` 810 
Page No 2.88:
Question 39:
A and B
are partners sharing profits equally. A drew regularly
`4,000
in the beginning of every month for six months ended 30th September, 2020.
Calculate interest on drawings @ 5% p.a. for a period of six months.
Answer:
Amount of
drawing= 4000
No. of
drawings= 6
Total amount of
drawing=24,000
Average month =
time lift after first drawing by 30th
September, 2020 + time lift after last drawing by 30th
September, 2020 ÷2
= 6+1÷2=3.5
Interest on
drawing= total drawing×Rate of drawing/100×Average month / 12
=34,000×5/100×3.5/12=250
Page No 2.88:
Question 40:
A and B
are partners sharing profits equally. A drew regularly ` 4,000 at the end of every month for six months ended 30th
September, 2020. Calculate interest on drawings @ 5% p.a. for a period of six
months.
Answer:
Total Drawings= 4,000×6=24,000
Average month = Time left after first drawing + Time left
after last drawing ÷2
= 5+0÷2 = 2.5
Interest on drawing= Total drawing × Rate of
drawing/100×Average month / 12
=24,000×5/100×2.5/12 = 250
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