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Question
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Rudra, Dev and Shiv were partners in a firm sharing profits in the ratio of 5 : 3 : 2. Their fixed capitals were ₹ 6,00,000, ₹ 4,00,000 and ₹ 2,00,000 respectively. Besides his capital Shiv had given a loan of ₹ 75,000 to the firm. Their partnership deed provided for the following:
During the year Rudra withdrew ₹ 50,000 at the end of each quarter; Dev withdrew ₹ 50,000 in the beginning of each half year and Shiv withdrew ₹ 70,000 at the end of each half year. The profit of the firm for the year ended 31-3-2022 before allowing interest on Shiv's loan was ₹ 7,06,750. |
What will the amount of interest on drawings of the partners?
Options
Rudra ₹ 2,250; Dev ₹ 4,500 and Shiv ₹ 2,100
Rudra ₹ 9,000; Dev ₹ 9,000 and Shiv ₹ 4,200
Rudra ₹ 4,500; Dev ₹ 4,500 and Shiv ₹ 2,100
Rudra ₹ 24,000; Dev ₹ 12,000 and Shiv ₹ 16,800
Solution
Rudra ₹ 9,000; Dev ₹ 9,000 and Shiv ₹ 4,200
Explanation:
Interest on Drawings:
Rudra = `2,00,000xx4.5/12xx12/100` = ₹ 9,000
Dev = `1,00,000xx9/12xx12/100` = ₹ 9,000
Shiv = `1,40,000xx3/12xx12/100` = ₹ 4,200
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Rudra, Dev and Shiv were partners in a firm sharing profits in the ratio of 5 : 3 : 2. Their fixed capitals were ₹ 6,00,000, ₹ 4,00,000 and ₹ 2,00,000 respectively. Besides his capital Shiv had given a loan of ₹ 75,000 to the firm. Their partnership deed provided for the following:
During the year Rudra withdrew ₹ 50,000 at the end of each quarter; Dev withdrew ₹ 50,000 in the beginning of each half year and Shiv withdrew ₹ 70,000 at the end of each half year. The profit of the firm for the year ended 31-3-2022 before allowing interest on Shiv's loan was ₹ 7,06,750. |
How much amount of net profit will be transferred to Profit and Loss Appropriation A/c?
