1.
126 ACCOUNTING FOR PARTNERSHIP FIRMS - FUNDAMENTALS
~ Q. 25 (A). Gupta is a partner in a firm. He drew regularly ~800 at the beginning
of every month for the six months ending 31st March, 2022. Calculate interest on
drawings at 15% p.a.
[Ans. Interest on Drawings ~210.]
Q. 25 (B). Gupta is a partner in a firm. He drew regularly ~800 at the end of every
month for the six months ending 31st March, 2022. Calculate interest on drawings at
15% p.a.
[Ans. Interest on Drawings fl50.]
Q. 25 (C). A, Band Care partners in a frrm. For six months ending 31st March,
2022:
A drew regularly ~15,000 in the beginning of every month. B drew regularly
f20,000 at the end of every month and C drew regularly ~25,000 in the middle of
every month.
Calculate interest on drawings @ 10% p .a. for six months ending 31st March,
2018.
[Ans. Interest on Drawings: A ~2,625; B ~2,500 and C ~3,750.]
~ Q. 27. Current Account's Balances as on 1st April, 2021 were a~ : - ~ t :
~S,000 (Cr.), Namit: ~2,000 (Cr.) and Ruchi: ~1,000 (Dr.). Profit sharing ratio was
3 : 2: 1. Amit gets a monthly salary of~ 1,500.
Amit draws n,ooo on the first day of each month and Namit draws ~2,000 on the
last date of each month while Ruchi draws t6,000 at the end of each quarter. Interest
on drawings is to be charged @ 12% p.a. Profits for the year ended 31st March, 2022
before adjustments of interest on drawings and of salary were ~74,040. Show Current
Accounts.
[Ans. Divisible Profits t60,000; Current Ale Amit ~27 440 (C )· N • 320
(Dr.); Ruehl ~16,080 (Dr.)] ' r. , am1t ~ 3 ,
ACCOUNTING FOR PARTNERSHIP FIRMS - FUNDA MENT ALS 1. 127
~ 29. Sneha is a partner in a firm. Calculate the amount of Sneha' s quarterly
drawings for the year ended 31st March, 2023, in the following cases when interest is
charged @ 10% p.a.
~i) When she withdrew a fixed amount in the beginning of each quarter and
interest on drawings is f 3,750.
rm . A n am ika w ithd rew ns,oo o
a a re pa rtners in a fl.
Q. ~ Anamik a a n d M o n ik as ca lc ula ted t8,250
d intere st on dra w ing s w
f ea ch m o nth a n
at the end o
ra te o f intere st on d raw ings?
r. What is the
at the end o fthe yea 1_"-'ll.U ~t ;; l\ l\ {\ (\ 11t th p
~ Q. 34. A and B contribute t4,00,000 and B,00,000 respectively as their capitals.
They decide to allow interest on capital @ 8% p.a. Their respective share of profit is
3 : 2 and the profit for the year is t42,000 before allowing for interest on capitals.
Show the distribution of profits (I) Where there is no agreement except for interest on
capitals, and (Il) Where there is a c~ear agreement that the interest on capitals will be
allowed even if it involves the firm m loss.
[Ans. In first case, Interest on Capital A t24,000 and B ns,ooo. In second case,
Loss A t8,400 and B ~5,600.] ~
