Commerce Exam > Commerce Questions > A, b, c our partners started a firm on 1st Oc...
Start Learning for Free
A, b, c our partners started a firm on 1st October 2017 sharing profit equally. A Drew regularly 4000 rupees in the beginning of every month for six month ended 31st March 2018. B Drew regularly 4000 rupees at the end of every month for six months ended 31st March 2018. C Drew regularly rupees 4000 in the middle of the every month for the six month ended 31st March 2018 calculate interest on drawing @ 5% per annum for the period ending 31st March 2018?
Most Upvoted Answer
A, b, c our partners started a firm on 1st October 2017 sharing profit...
Calculation of Interest on Drawings for A, B, and C
Interest on Drawings:
Interest on drawings is the interest charged by the firm on the amount drawn by partners for personal use.
Calculation of Interest on Drawings for A:
- A has drawn Rs. 4000 at the beginning of every month for 6 months.
- Total amount drawn by A = 4000 x 6 = Rs. 24000
- A has drawn the amount for 6 months, so the period of calculation is from 1st October 2017 to 31st March 2018, i.e. 6 months.
- Rate of interest charged on drawings = 5% per annum.
- Interest on A's drawings = (24000 x 5 x 6) / (100 x 12) = Rs. 600
Calculation of Interest on Drawings for B:
- B has drawn Rs. 4000 at the end of every month for 6 months.
- Total amount drawn by B = 4000 x 6 = Rs. 24000
- B has drawn the amount for 6 months, so the period of calculation is from 1st October 2017 to 31st March 2018, i.e. 6 months.
- Rate of interest charged on drawings = 5% per annum.
- Interest on B's drawings = (24000 x 5 x 6) / (100 x 12) = Rs. 600
Calculation of Interest on Drawings for C:
- C has drawn Rs. 4000 in the middle of every month for 6 months.
- Total amount drawn by C = 4000 x 6 = Rs. 24000
- C has drawn the amount for 6 months, so the period of calculation is from 1st October 2017 to 31st March 2018, i.e. 6 months.
- Rate of interest charged on drawings = 5% per annum.
- Interest on C's drawings = (24000 x 5 x 6) / (100 x 12) = Rs. 600
Conclusion:
- Interest on drawings for A, B, and C is Rs. 600 each.
- The firm will charge a total of Rs. 1800 as interest on drawings for the period ending 31st March 2018.
Interest on Drawings:
Interest on drawings is the interest charged by the firm on the amount drawn by partners for personal use.
Calculation of Interest on Drawings for A:
- A has drawn Rs. 4000 at the beginning of every month for 6 months.
- Total amount drawn by A = 4000 x 6 = Rs. 24000
- A has drawn the amount for 6 months, so the period of calculation is from 1st October 2017 to 31st March 2018, i.e. 6 months.
- Rate of interest charged on drawings = 5% per annum.
- Interest on A's drawings = (24000 x 5 x 6) / (100 x 12) = Rs. 600
Calculation of Interest on Drawings for B:
- B has drawn Rs. 4000 at the end of every month for 6 months.
- Total amount drawn by B = 4000 x 6 = Rs. 24000
- B has drawn the amount for 6 months, so the period of calculation is from 1st October 2017 to 31st March 2018, i.e. 6 months.
- Rate of interest charged on drawings = 5% per annum.
- Interest on B's drawings = (24000 x 5 x 6) / (100 x 12) = Rs. 600
Calculation of Interest on Drawings for C:
- C has drawn Rs. 4000 in the middle of every month for 6 months.
- Total amount drawn by C = 4000 x 6 = Rs. 24000
- C has drawn the amount for 6 months, so the period of calculation is from 1st October 2017 to 31st March 2018, i.e. 6 months.
- Rate of interest charged on drawings = 5% per annum.
- Interest on C's drawings = (24000 x 5 x 6) / (100 x 12) = Rs. 600
Conclusion:
- Interest on drawings for A, B, and C is Rs. 600 each.
- The firm will charge a total of Rs. 1800 as interest on drawings for the period ending 31st March 2018.
Community Answer
A, b, c our partners started a firm on 1st October 2017 sharing profit...
Interest payable to A- Rs. 30,000 ×3/5× 6/100×6/12= Rs. 540
Interest payable to B- Rs. 30,000× 2/5× 6/100 × 6/12= Rs. 360.
According to the Indian Partnership Act ,1932, interest @ 6% p.a.is a payable on the amount . In the present case , interest will be payable for 6 months , i.e. ,from 1st October , 2017 to 31st March, 2018
Interest payable to B- Rs. 30,000× 2/5× 6/100 × 6/12= Rs. 360.
According to the Indian Partnership Act ,1932, interest @ 6% p.a.is a payable on the amount . In the present case , interest will be payable for 6 months , i.e. ,from 1st October , 2017 to 31st March, 2018
Attention Commerce Students!
To make sure you are not studying endlessly, EduRev has designed Commerce study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in Commerce.
|
Explore Courses for Commerce exam
|
|
Similar Commerce Doubts
Top Courses for CommerceView all
A, b, c our partners started a firm on 1st October 2017 sharing profit equally. A Drew regularly 4000 rupees in the beginning of every month for six month ended 31st March 2018. B Drew regularly 4000 rupees at the end of every month for six months ended 31st March 2018. C Drew regularly rupees 4000 in the middle of the every month for the six month ended 31st March 2018 calculate interest on drawing @ 5% per annum for the period ending 31st March 2018?
Question Description
A, b, c our partners started a firm on 1st October 2017 sharing profit equally. A Drew regularly 4000 rupees in the beginning of every month for six month ended 31st March 2018. B Drew regularly 4000 rupees at the end of every month for six months ended 31st March 2018. C Drew regularly rupees 4000 in the middle of the every month for the six month ended 31st March 2018 calculate interest on drawing @ 5% per annum for the period ending 31st March 2018? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about A, b, c our partners started a firm on 1st October 2017 sharing profit equally. A Drew regularly 4000 rupees in the beginning of every month for six month ended 31st March 2018. B Drew regularly 4000 rupees at the end of every month for six months ended 31st March 2018. C Drew regularly rupees 4000 in the middle of the every month for the six month ended 31st March 2018 calculate interest on drawing @ 5% per annum for the period ending 31st March 2018? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A, b, c our partners started a firm on 1st October 2017 sharing profit equally. A Drew regularly 4000 rupees in the beginning of every month for six month ended 31st March 2018. B Drew regularly 4000 rupees at the end of every month for six months ended 31st March 2018. C Drew regularly rupees 4000 in the middle of the every month for the six month ended 31st March 2018 calculate interest on drawing @ 5% per annum for the period ending 31st March 2018?.
A, b, c our partners started a firm on 1st October 2017 sharing profit equally. A Drew regularly 4000 rupees in the beginning of every month for six month ended 31st March 2018. B Drew regularly 4000 rupees at the end of every month for six months ended 31st March 2018. C Drew regularly rupees 4000 in the middle of the every month for the six month ended 31st March 2018 calculate interest on drawing @ 5% per annum for the period ending 31st March 2018? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about A, b, c our partners started a firm on 1st October 2017 sharing profit equally. A Drew regularly 4000 rupees in the beginning of every month for six month ended 31st March 2018. B Drew regularly 4000 rupees at the end of every month for six months ended 31st March 2018. C Drew regularly rupees 4000 in the middle of the every month for the six month ended 31st March 2018 calculate interest on drawing @ 5% per annum for the period ending 31st March 2018? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A, b, c our partners started a firm on 1st October 2017 sharing profit equally. A Drew regularly 4000 rupees in the beginning of every month for six month ended 31st March 2018. B Drew regularly 4000 rupees at the end of every month for six months ended 31st March 2018. C Drew regularly rupees 4000 in the middle of the every month for the six month ended 31st March 2018 calculate interest on drawing @ 5% per annum for the period ending 31st March 2018?.
Solutions for A, b, c our partners started a firm on 1st October 2017 sharing profit equally. A Drew regularly 4000 rupees in the beginning of every month for six month ended 31st March 2018. B Drew regularly 4000 rupees at the end of every month for six months ended 31st March 2018. C Drew regularly rupees 4000 in the middle of the every month for the six month ended 31st March 2018 calculate interest on drawing @ 5% per annum for the period ending 31st March 2018? in English & in Hindi are available as part of our courses for Commerce.
Download more important topics, notes, lectures and mock test series for Commerce Exam by signing up for free.
Here you can find the meaning of A, b, c our partners started a firm on 1st October 2017 sharing profit equally. A Drew regularly 4000 rupees in the beginning of every month for six month ended 31st March 2018. B Drew regularly 4000 rupees at the end of every month for six months ended 31st March 2018. C Drew regularly rupees 4000 in the middle of the every month for the six month ended 31st March 2018 calculate interest on drawing @ 5% per annum for the period ending 31st March 2018? defined & explained in the simplest way possible. Besides giving the explanation of
A, b, c our partners started a firm on 1st October 2017 sharing profit equally. A Drew regularly 4000 rupees in the beginning of every month for six month ended 31st March 2018. B Drew regularly 4000 rupees at the end of every month for six months ended 31st March 2018. C Drew regularly rupees 4000 in the middle of the every month for the six month ended 31st March 2018 calculate interest on drawing @ 5% per annum for the period ending 31st March 2018?, a detailed solution for A, b, c our partners started a firm on 1st October 2017 sharing profit equally. A Drew regularly 4000 rupees in the beginning of every month for six month ended 31st March 2018. B Drew regularly 4000 rupees at the end of every month for six months ended 31st March 2018. C Drew regularly rupees 4000 in the middle of the every month for the six month ended 31st March 2018 calculate interest on drawing @ 5% per annum for the period ending 31st March 2018? has been provided alongside types of A, b, c our partners started a firm on 1st October 2017 sharing profit equally. A Drew regularly 4000 rupees in the beginning of every month for six month ended 31st March 2018. B Drew regularly 4000 rupees at the end of every month for six months ended 31st March 2018. C Drew regularly rupees 4000 in the middle of the every month for the six month ended 31st March 2018 calculate interest on drawing @ 5% per annum for the period ending 31st March 2018? theory, EduRev gives you an
ample number of questions to practice A, b, c our partners started a firm on 1st October 2017 sharing profit equally. A Drew regularly 4000 rupees in the beginning of every month for six month ended 31st March 2018. B Drew regularly 4000 rupees at the end of every month for six months ended 31st March 2018. C Drew regularly rupees 4000 in the middle of the every month for the six month ended 31st March 2018 calculate interest on drawing @ 5% per annum for the period ending 31st March 2018? tests, examples and also practice Commerce tests.
|
|
Explore Courses for Commerce exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup