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प्रश्न
Menon and Thomas are partners in a firm. They share profits equally. Their monthly drawings are Rs 2,000 each. Interest on drawings is to be charged @ 10% p.a. Calculate interest on Menon’s drawings for the year 2006, assuming that money is withdrawn: (i) in the beginning of every month, (ii) in the middle of every month, and (iii) at the end of every month.
उत्तर
Case (i)
If they withdraw money in the beginning of each month
Interest of drawings = Total drawings × Rate × `13/[2 xx 12]`
Menon’s = 24,000 × `10/100 xx 13/[2 xx 12]` = Rs 1,300
Thomas’s = 24,000 × `10/100 xx 13/[2 xx 12]` = Rs 1,300
Case (ii)
If they withdraw in the middle of every month
Interest on Drawings = Total drawings × `10/100 xx 6/12`
Menon’s = 24,000 × `10/100 xx 6/12` = Rs 1,200
Thomas’s = 24,000 × `10/100 xx 6/12` = Rs 1,200
Case (iii)
If they withdraw at the end of every month.
Interest on drawings = Total drawings × `"Rate"/100` x `11/[2 xx 12]`
Menon’s = 24,000 × `10/100` x `11/[2 xx 12]` = Rs 1,100
Thomas’s = 24,000 × `10/100` x `11/[2 xx 12]` = Rs 1,100
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The following balances are extracted from the books of the firm on March 31, 2017.
|
|
Sukesh (Rs) |
Verma* (Rs) |
|
Capital Accounts |
40,000 |
40,000 |
|
Current Accounts |
(Cr.) 7,200 |
(Cr.) 2,800 |
|
Drawings |
10,850 |
8,150 |
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|
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||||
|
Mannu’s Capital |
30,000 |
40,000 |
Drawings : |
|
|||
|
Shristhi’s Capital |
10,000 |
Mannu |
4,000 |
6,000 |
|||
|
Shristhi |
2,000 |
||||||
|
Other Assets |
34,000 |
||||||
|
40,000 |
40,000 |
||||||
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|
|
Rs |
|
February 01 |
4,000 |
|
May 01 |
10,000 |
|
June 30 |
4,000 |
|
October 31 |
12,000 |
|
December 31 |
4,000 |
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|
Rakesh |
Month |
Rs. |
|
|
May 31, 2019 |
600 |
|
|
June 30, 2019 |
500 |
|
|
August 31, 2019 |
1,000 |
|
|
November 1, 2019 |
400 |
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|
December 31, 2019 |
1,500 |
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|
January 31, 2020 |
300 |
|
|
March 01, 2020 |
700 |
|
Rohan |
At the beginning of each month |
400 |
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|
Balance Sheet as at March 31, 2017 |
|||
|
|
Amount |
|
Amount |
|
Liabilities |
Rs |
Assets |
Rs |
|
Neelkant’s Capital |
10,00,000 |
Sundry Assets |
30,00,000 |
|
Mahadev’s Capital |
10,00,000 |
|
|
|
Neelkant’s Current Account |
1,00,000 |
|
|
|
Mahadev’s Current Account |
1,00,000 |
|
|
|
Profit and Loss Apprpriation |
|
|
|
|
(March 2017) |
8,00,000 |
|
|
|
|
30,00,000 |
|
30,00,000 |
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| PARTICULARS | AMOUNT (₹) |
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Statement 2: Specified provisions are required to be mentioned in the partnership deed to charge interest on drawings.
Pick the odd one out:
Pick the odd one out:
