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Amit and bhola are partners in a firm. they share profit in the ratio of 3:2 as per their partnership agreement. ,interest on drawings is to be charged @ 10 percent p. a their drawings during 2017 were rs. 24000 and rs. 16000 respectively. calculate interest on drawings based on the assumption tht the amount were withdrawn evenly throughout the Year
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Amit and bhola are partners in a firm. they share profit in the rati...
IOD of Amit = 24000 ×10/100×6/12
=1200
IOD of Bhola = 16000×10/100×6/12
=800
=1200
IOD of Bhola = 16000×10/100×6/12
=800
Community Answer
Amit and bhola are partners in a firm. they share profit in the rati...
Introduction
In this scenario, Amit and Bhola are partners in a firm sharing profits in a ratio of 3:2. They made drawings during the year 2017, and interest on their drawings will be calculated at 10% per annum.
Drawings Details
- Amit's Drawings: Rs. 24,000
- Bhola's Drawings: Rs. 16,000
Calculation of Interest on Drawings
Since the drawings are withdrawn evenly throughout the year, we will consider the average time for which the amounts were withdrawn.
- Amit's Drawings:
- Total Drawings: Rs. 24,000
- Average Time: 6 months (since withdrawn evenly throughout the year)
- Interest Calculation:
- Interest = Principal × Rate × Time
- Interest = 24000 × 10% × 6/12
- Interest = 24000 × 0.10 × 0.5 = Rs. 1,200
- Bhola's Drawings:
- Total Drawings: Rs. 16,000
- Average Time: 6 months
- Interest Calculation:
- Interest = Principal × Rate × Time
- Interest = 16000 × 10% × 6/12
- Interest = 16000 × 0.10 × 0.5 = Rs. 800
Total Interest on Drawings
- Amit's Interest: Rs. 1,200
- Bhola's Interest: Rs. 800
Conclusion
- Total Interest on Drawings:
- Amit: Rs. 1,200
- Bhola: Rs. 800
- Combined Total Interest: Rs. 2,000
This detailed calculation helps in understanding how interest on drawings is computed based on the partnership agreement and the specifics of the drawings made by Amit and Bhola.
In this scenario, Amit and Bhola are partners in a firm sharing profits in a ratio of 3:2. They made drawings during the year 2017, and interest on their drawings will be calculated at 10% per annum.
Drawings Details
- Amit's Drawings: Rs. 24,000
- Bhola's Drawings: Rs. 16,000
Calculation of Interest on Drawings
Since the drawings are withdrawn evenly throughout the year, we will consider the average time for which the amounts were withdrawn.
- Amit's Drawings:
- Total Drawings: Rs. 24,000
- Average Time: 6 months (since withdrawn evenly throughout the year)
- Interest Calculation:
- Interest = Principal × Rate × Time
- Interest = 24000 × 10% × 6/12
- Interest = 24000 × 0.10 × 0.5 = Rs. 1,200
- Bhola's Drawings:
- Total Drawings: Rs. 16,000
- Average Time: 6 months
- Interest Calculation:
- Interest = Principal × Rate × Time
- Interest = 16000 × 10% × 6/12
- Interest = 16000 × 0.10 × 0.5 = Rs. 800
Total Interest on Drawings
- Amit's Interest: Rs. 1,200
- Bhola's Interest: Rs. 800
Conclusion
- Total Interest on Drawings:
- Amit: Rs. 1,200
- Bhola: Rs. 800
- Combined Total Interest: Rs. 2,000
This detailed calculation helps in understanding how interest on drawings is computed based on the partnership agreement and the specifics of the drawings made by Amit and Bhola.
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Amit and bhola are partners in a firm. they share profit in the ratio of 3:2 as per their partnership agreement. ,interest on drawings is to be charged @ 10 percent p. a their drawings during 2017 were rs. 24000 and rs. 16000 respectively. calculate interest on drawings based on the assumption tht the amount were withdrawn evenly throughout the Year Related: NCERT Solution - Accounting for Partnership : Basic Concepts - 2?
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Amit and bhola are partners in a firm. they share profit in the ratio of 3:2 as per their partnership agreement. ,interest on drawings is to be charged @ 10 percent p. a their drawings during 2017 were rs. 24000 and rs. 16000 respectively. calculate interest on drawings based on the assumption tht the amount were withdrawn evenly throughout the Year Related: NCERT Solution - Accounting for Partnership : Basic Concepts - 2? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Amit and bhola are partners in a firm. they share profit in the ratio of 3:2 as per their partnership agreement. ,interest on drawings is to be charged @ 10 percent p. a their drawings during 2017 were rs. 24000 and rs. 16000 respectively. calculate interest on drawings based on the assumption tht the amount were withdrawn evenly throughout the Year Related: NCERT Solution - Accounting for Partnership : Basic Concepts - 2? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Amit and bhola are partners in a firm. they share profit in the ratio of 3:2 as per their partnership agreement. ,interest on drawings is to be charged @ 10 percent p. a their drawings during 2017 were rs. 24000 and rs. 16000 respectively. calculate interest on drawings based on the assumption tht the amount were withdrawn evenly throughout the Year Related: NCERT Solution - Accounting for Partnership : Basic Concepts - 2?.
Amit and bhola are partners in a firm. they share profit in the ratio of 3:2 as per their partnership agreement. ,interest on drawings is to be charged @ 10 percent p. a their drawings during 2017 were rs. 24000 and rs. 16000 respectively. calculate interest on drawings based on the assumption tht the amount were withdrawn evenly throughout the Year Related: NCERT Solution - Accounting for Partnership : Basic Concepts - 2? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Amit and bhola are partners in a firm. they share profit in the ratio of 3:2 as per their partnership agreement. ,interest on drawings is to be charged @ 10 percent p. a their drawings during 2017 were rs. 24000 and rs. 16000 respectively. calculate interest on drawings based on the assumption tht the amount were withdrawn evenly throughout the Year Related: NCERT Solution - Accounting for Partnership : Basic Concepts - 2? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Amit and bhola are partners in a firm. they share profit in the ratio of 3:2 as per their partnership agreement. ,interest on drawings is to be charged @ 10 percent p. a their drawings during 2017 were rs. 24000 and rs. 16000 respectively. calculate interest on drawings based on the assumption tht the amount were withdrawn evenly throughout the Year Related: NCERT Solution - Accounting for Partnership : Basic Concepts - 2?.
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