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Kiran, Bittoo and Shravan are partners in a firm. Kiran withdrew Rs.5,000 in beginning of every month, where as Bittoo and Shravan withdrew Rs.2,000 and Rs.3,000 respectively at the end of every month. Calculate interest on drawings at 10% p.a. for the year ended 31stMarch, 2014.Kiran Bittoo Shravan
- a)Rs.6,000, Rs.2,400, Rs.3,600
- b)Rs.2,750, Rs.1,300, Rs.1,950
- c)Rs.3,000, Rs.1,200, Rs.1,800
- d)Rs.3,250, Rs.1,100, Rs.1,650
Correct answer is option 'D'. Can you explain this answer?
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Kiran, Bittoo and Shravan are partners in a firm. Kiran withdrew Rs.5,...
Calculation of Interest on Drawings for Kiran, Bittoo, and Shravan
Given data:
- Kiran withdrew Rs.5,000 in the beginning of every month
- Bittoo withdrew Rs.2,000 at the end of every month
- Shravan withdrew Rs.3,000 at the end of every month
- Rate of interest on drawings is 10% p.a.
- Year ended on 31st March 2014
Step 1: Calculate the total amount of drawings made by each partner in the year
- Kiran: Rs.5,000 x 12 = Rs.60,000
- Bittoo: Rs.2,000 x 12 = Rs.24,000
- Shravan: Rs.3,000 x 12 = Rs.36,000
Step 2: Calculate the weighted average of the drawings made by the partners
- Weighted average = (Kiran's drawings x 12) + (Bittoo's drawings x 6) + (Shravan's drawings x 9) / 27
- Weighted average = (60,000 x 12) + (24,000 x 6) + (36,000 x 9) / 27
- Weighted average = 1,080,000 / 27
- Weighted average = Rs.40,000
Step 3: Calculate the interest on drawings for each partner
- Kiran: Rs.60,000 - (Rs.40,000 x 1) = Rs.20,000 (no interest as the drawings are less than the weighted average)
- Bittoo: Rs.24,000 - (Rs.40,000 x 0.5) = Rs.4,000 (interest for 6 months)
- Shravan: Rs.36,000 - (Rs.40,000 x 0.75) = Rs.9,000 (interest for 9 months)
Step 4: Calculate the total interest on drawings for the year
- Total interest = Interest on Kiran's drawings + Interest on Bittoo's drawings + Interest on Shravan's drawings
- Total interest = 0 + Rs.4,000 + Rs.9,000
- Total interest = Rs.13,000
Therefore, the correct answer is option 'D' - Rs.3,250 for Kiran, Rs.1,100 for Bittoo, and Rs.1,650 for Shravan.
Given data:
- Kiran withdrew Rs.5,000 in the beginning of every month
- Bittoo withdrew Rs.2,000 at the end of every month
- Shravan withdrew Rs.3,000 at the end of every month
- Rate of interest on drawings is 10% p.a.
- Year ended on 31st March 2014
Step 1: Calculate the total amount of drawings made by each partner in the year
- Kiran: Rs.5,000 x 12 = Rs.60,000
- Bittoo: Rs.2,000 x 12 = Rs.24,000
- Shravan: Rs.3,000 x 12 = Rs.36,000
Step 2: Calculate the weighted average of the drawings made by the partners
- Weighted average = (Kiran's drawings x 12) + (Bittoo's drawings x 6) + (Shravan's drawings x 9) / 27
- Weighted average = (60,000 x 12) + (24,000 x 6) + (36,000 x 9) / 27
- Weighted average = 1,080,000 / 27
- Weighted average = Rs.40,000
Step 3: Calculate the interest on drawings for each partner
- Kiran: Rs.60,000 - (Rs.40,000 x 1) = Rs.20,000 (no interest as the drawings are less than the weighted average)
- Bittoo: Rs.24,000 - (Rs.40,000 x 0.5) = Rs.4,000 (interest for 6 months)
- Shravan: Rs.36,000 - (Rs.40,000 x 0.75) = Rs.9,000 (interest for 9 months)
Step 4: Calculate the total interest on drawings for the year
- Total interest = Interest on Kiran's drawings + Interest on Bittoo's drawings + Interest on Shravan's drawings
- Total interest = 0 + Rs.4,000 + Rs.9,000
- Total interest = Rs.13,000
Therefore, the correct answer is option 'D' - Rs.3,250 for Kiran, Rs.1,100 for Bittoo, and Rs.1,650 for Shravan.
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Kiran, Bittoo and Shravan are partners in a firm. Kiran withdrew Rs.5,...
Interest on drawings
*kiran = (5000×12) × (13÷2)× (1÷12)=3250
*bitto = (2000×12) × (11÷2) × (1÷12)=1100
*shravan = (3000×12) × (11÷2) × (1÷12)= 1650
{note : int on drawings = annual drawings * (months left after first drawings + months left after last drawing ÷ 2) * 1÷12 }
in case if in the question along with the interest rate the word p.a.(per annum)is not given, then while calculating the interest the step of multiplying(1÷12) is not required.
*kiran = (5000×12) × (13÷2)× (1÷12)=3250
*bitto = (2000×12) × (11÷2) × (1÷12)=1100
*shravan = (3000×12) × (11÷2) × (1÷12)= 1650
{note : int on drawings = annual drawings * (months left after first drawings + months left after last drawing ÷ 2) * 1÷12 }
in case if in the question along with the interest rate the word p.a.(per annum)is not given, then while calculating the interest the step of multiplying(1÷12) is not required.
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Kiran, Bittoo and Shravan are partners in a firm. Kiran withdrew Rs.5,000 in beginning of every month, where as Bittoo and Shravan withdrew Rs.2,000 and Rs.3,000 respectively at the end of every month. Calculate interest on drawings at 10% p.a. for the year ended 31stMarch, 2014.Kiran Bittoo Shravana)Rs.6,000, Rs.2,400, Rs.3,600b)Rs.2,750, Rs.1,300, Rs.1,950c)Rs.3,000, Rs.1,200, Rs.1,800d)Rs.3,250, Rs.1,100, Rs.1,650Correct answer is option 'D'. Can you explain this answer?
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Kiran, Bittoo and Shravan are partners in a firm. Kiran withdrew Rs.5,000 in beginning of every month, where as Bittoo and Shravan withdrew Rs.2,000 and Rs.3,000 respectively at the end of every month. Calculate interest on drawings at 10% p.a. for the year ended 31stMarch, 2014.Kiran Bittoo Shravana)Rs.6,000, Rs.2,400, Rs.3,600b)Rs.2,750, Rs.1,300, Rs.1,950c)Rs.3,000, Rs.1,200, Rs.1,800d)Rs.3,250, Rs.1,100, Rs.1,650Correct answer is option 'D'. Can you explain this answer? for CA CPT 2024 is part of CA CPT preparation. The Question and answers have been prepared according to the CA CPT exam syllabus. Information about Kiran, Bittoo and Shravan are partners in a firm. Kiran withdrew Rs.5,000 in beginning of every month, where as Bittoo and Shravan withdrew Rs.2,000 and Rs.3,000 respectively at the end of every month. Calculate interest on drawings at 10% p.a. for the year ended 31stMarch, 2014.Kiran Bittoo Shravana)Rs.6,000, Rs.2,400, Rs.3,600b)Rs.2,750, Rs.1,300, Rs.1,950c)Rs.3,000, Rs.1,200, Rs.1,800d)Rs.3,250, Rs.1,100, Rs.1,650Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for CA CPT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Kiran, Bittoo and Shravan are partners in a firm. Kiran withdrew Rs.5,000 in beginning of every month, where as Bittoo and Shravan withdrew Rs.2,000 and Rs.3,000 respectively at the end of every month. Calculate interest on drawings at 10% p.a. for the year ended 31stMarch, 2014.Kiran Bittoo Shravana)Rs.6,000, Rs.2,400, Rs.3,600b)Rs.2,750, Rs.1,300, Rs.1,950c)Rs.3,000, Rs.1,200, Rs.1,800d)Rs.3,250, Rs.1,100, Rs.1,650Correct answer is option 'D'. Can you explain this answer?.
Kiran, Bittoo and Shravan are partners in a firm. Kiran withdrew Rs.5,000 in beginning of every month, where as Bittoo and Shravan withdrew Rs.2,000 and Rs.3,000 respectively at the end of every month. Calculate interest on drawings at 10% p.a. for the year ended 31stMarch, 2014.Kiran Bittoo Shravana)Rs.6,000, Rs.2,400, Rs.3,600b)Rs.2,750, Rs.1,300, Rs.1,950c)Rs.3,000, Rs.1,200, Rs.1,800d)Rs.3,250, Rs.1,100, Rs.1,650Correct answer is option 'D'. Can you explain this answer? for CA CPT 2024 is part of CA CPT preparation. The Question and answers have been prepared according to the CA CPT exam syllabus. Information about Kiran, Bittoo and Shravan are partners in a firm. Kiran withdrew Rs.5,000 in beginning of every month, where as Bittoo and Shravan withdrew Rs.2,000 and Rs.3,000 respectively at the end of every month. Calculate interest on drawings at 10% p.a. for the year ended 31stMarch, 2014.Kiran Bittoo Shravana)Rs.6,000, Rs.2,400, Rs.3,600b)Rs.2,750, Rs.1,300, Rs.1,950c)Rs.3,000, Rs.1,200, Rs.1,800d)Rs.3,250, Rs.1,100, Rs.1,650Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for CA CPT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Kiran, Bittoo and Shravan are partners in a firm. Kiran withdrew Rs.5,000 in beginning of every month, where as Bittoo and Shravan withdrew Rs.2,000 and Rs.3,000 respectively at the end of every month. Calculate interest on drawings at 10% p.a. for the year ended 31stMarch, 2014.Kiran Bittoo Shravana)Rs.6,000, Rs.2,400, Rs.3,600b)Rs.2,750, Rs.1,300, Rs.1,950c)Rs.3,000, Rs.1,200, Rs.1,800d)Rs.3,250, Rs.1,100, Rs.1,650Correct answer is option 'D'. Can you explain this answer?.
Solutions for Kiran, Bittoo and Shravan are partners in a firm. Kiran withdrew Rs.5,000 in beginning of every month, where as Bittoo and Shravan withdrew Rs.2,000 and Rs.3,000 respectively at the end of every month. Calculate interest on drawings at 10% p.a. for the year ended 31stMarch, 2014.Kiran Bittoo Shravana)Rs.6,000, Rs.2,400, Rs.3,600b)Rs.2,750, Rs.1,300, Rs.1,950c)Rs.3,000, Rs.1,200, Rs.1,800d)Rs.3,250, Rs.1,100, Rs.1,650Correct answer is option 'D'. Can you explain this answer? in English & in Hindi are available as part of our courses for CA CPT.
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Here you can find the meaning of Kiran, Bittoo and Shravan are partners in a firm. Kiran withdrew Rs.5,000 in beginning of every month, where as Bittoo and Shravan withdrew Rs.2,000 and Rs.3,000 respectively at the end of every month. Calculate interest on drawings at 10% p.a. for the year ended 31stMarch, 2014.Kiran Bittoo Shravana)Rs.6,000, Rs.2,400, Rs.3,600b)Rs.2,750, Rs.1,300, Rs.1,950c)Rs.3,000, Rs.1,200, Rs.1,800d)Rs.3,250, Rs.1,100, Rs.1,650Correct answer is option 'D'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
Kiran, Bittoo and Shravan are partners in a firm. Kiran withdrew Rs.5,000 in beginning of every month, where as Bittoo and Shravan withdrew Rs.2,000 and Rs.3,000 respectively at the end of every month. Calculate interest on drawings at 10% p.a. for the year ended 31stMarch, 2014.Kiran Bittoo Shravana)Rs.6,000, Rs.2,400, Rs.3,600b)Rs.2,750, Rs.1,300, Rs.1,950c)Rs.3,000, Rs.1,200, Rs.1,800d)Rs.3,250, Rs.1,100, Rs.1,650Correct answer is option 'D'. Can you explain this answer?, a detailed solution for Kiran, Bittoo and Shravan are partners in a firm. Kiran withdrew Rs.5,000 in beginning of every month, where as Bittoo and Shravan withdrew Rs.2,000 and Rs.3,000 respectively at the end of every month. Calculate interest on drawings at 10% p.a. for the year ended 31stMarch, 2014.Kiran Bittoo Shravana)Rs.6,000, Rs.2,400, Rs.3,600b)Rs.2,750, Rs.1,300, Rs.1,950c)Rs.3,000, Rs.1,200, Rs.1,800d)Rs.3,250, Rs.1,100, Rs.1,650Correct answer is option 'D'. Can you explain this answer? has been provided alongside types of Kiran, Bittoo and Shravan are partners in a firm. Kiran withdrew Rs.5,000 in beginning of every month, where as Bittoo and Shravan withdrew Rs.2,000 and Rs.3,000 respectively at the end of every month. Calculate interest on drawings at 10% p.a. for the year ended 31stMarch, 2014.Kiran Bittoo Shravana)Rs.6,000, Rs.2,400, Rs.3,600b)Rs.2,750, Rs.1,300, Rs.1,950c)Rs.3,000, Rs.1,200, Rs.1,800d)Rs.3,250, Rs.1,100, Rs.1,650Correct answer is option 'D'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice Kiran, Bittoo and Shravan are partners in a firm. Kiran withdrew Rs.5,000 in beginning of every month, where as Bittoo and Shravan withdrew Rs.2,000 and Rs.3,000 respectively at the end of every month. Calculate interest on drawings at 10% p.a. for the year ended 31stMarch, 2014.Kiran Bittoo Shravana)Rs.6,000, Rs.2,400, Rs.3,600b)Rs.2,750, Rs.1,300, Rs.1,950c)Rs.3,000, Rs.1,200, Rs.1,800d)Rs.3,250, Rs.1,100, Rs.1,650Correct answer is option 'D'. Can you explain this answer? tests, examples and also practice CA CPT tests.
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