18. Mahadev and Sanat are partners sharing profits equally. Mahadev withdrew 10,000 at the beginning of each month. Sanat withdrew 10,000 at the middle of each month. Interest on drawings is charged at 6% per annum. Determine the amount of Interest on Drawings of Partners if this process is continued for a period of 6 months ending 30th June, 2020.?

Question

Answer

Solution:

Given,
Mahadev withdraws 10,000 at the beginning of each month.
Sanat withdraws 10,000 at the middle of each month.
They are partners sharing profits equally.
Interest on Drawings is charged at 6% per annum.
The time period is 6 months, ending on 30th June 2020.

To find: Interest on Drawings of Partners.

Calculation:
First, let's calculate the total amount of drawings for each partner for the six month period.

Mahadev's Drawings:
= 10,000 x 6
= 60,000

Sanat's Drawings:
= 10,000 x 6
= 60,000

Now, let's calculate the average drawings for each partner.

Mahadev's Average Drawings:
= (10,000 x 6) / 2
= 30,000

Sanat's Average Drawings:
= (10,000 x 6) / 2
= 30,000

Next, we need to calculate the interest on drawings for each partner.

Mahadev's Interest on Drawings:
= (6% / 12) x 30,000 x 6
= 9,000

Sanat's Interest on Drawings:
= (6% / 12) x 30,000 x 6
= 9,000

Therefore, the Interest on Drawings for Mahadev and Sanat are both 9,000.

Conclusion:
The Interest on Drawings for both Mahadev and Sanat is 9,000.

Answer

Mahadev -1050 sanat -900

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