CA Foundation Exam > CA Foundation Questions > Ram is a partner. He made drawings as follows...
Start Learning for Free
Ram is a partner. He made drawings as follows:
July 1 Rs. 200
August 1 Rs. 200
September 1 Rs. 300
November 1 Rs. 50
February 1 Rs. 100
July 1 Rs. 200
August 1 Rs. 200
September 1 Rs. 300
November 1 Rs. 50
February 1 Rs. 100
If the rate of interest on drawings is 6% and accounts are closed on March 31 the interest on drawing is:
- a)Rs. 29.75
- b)Rs. 35
- c)Rs. 30
- d)Rs. 40
Correct answer is option 'A'. Can you explain this answer?
| FREE This question is part of | Download PDF Attempt this Test |
Most Upvoted Answer
Ram is a partner. He made drawings as follows:July 1 Rs. 200August 1...
Calculation of interest on drawings:
Step 1: Calculate the average amount of drawings
Average amount of drawings = Total amount of drawings / Number of months
= (200 + 200 + 300 + 50 + 100) / 5
= Rs. 170
Step 2: Calculate the interest on drawings
Interest on drawings = Average amount of drawings x Rate of interest x Time
Time = 9 months (from July 1 to March 31)
Interest on drawings = 170 x 6/100 x 9/12
= Rs. 7.65
Therefore, the interest on drawings is Rs. 7.65.
However, this interest is only for Ram's share as he is a partner. To calculate the interest on drawings for the partnership, we need to multiply this amount by the ratio of his share in the partnership.
Let's assume that Ram's share in the partnership is 1/3
Interest on drawings for partnership = 7.65 x 1/3
= Rs. 2.55
Therefore, the interest on drawings for the partnership is Rs. 2.55.
But, the question asks for the interest on drawings for Ram only, so we need to subtract this amount from the total interest on drawings calculated earlier.
Interest on drawings for Ram = 7.65 - 2.55
= Rs. 5.10
Therefore, the interest on drawings for Ram is Rs. 5.10.
However, this calculation is based on the assumption that the interest is calculated on a simple interest basis. If the interest is calculated on a compound interest basis, the calculation will be different.
Step 1: Calculate the average amount of drawings
Average amount of drawings = Total amount of drawings / Number of months
= (200 + 200 + 300 + 50 + 100) / 5
= Rs. 170
Step 2: Calculate the interest on drawings
Interest on drawings = Average amount of drawings x Rate of interest x Time
Time = 9 months (from July 1 to March 31)
Interest on drawings = 170 x 6/100 x 9/12
= Rs. 7.65
Therefore, the interest on drawings is Rs. 7.65.
However, this interest is only for Ram's share as he is a partner. To calculate the interest on drawings for the partnership, we need to multiply this amount by the ratio of his share in the partnership.
Let's assume that Ram's share in the partnership is 1/3
Interest on drawings for partnership = 7.65 x 1/3
= Rs. 2.55
Therefore, the interest on drawings for the partnership is Rs. 2.55.
But, the question asks for the interest on drawings for Ram only, so we need to subtract this amount from the total interest on drawings calculated earlier.
Interest on drawings for Ram = 7.65 - 2.55
= Rs. 5.10
Therefore, the interest on drawings for Ram is Rs. 5.10.
However, this calculation is based on the assumption that the interest is calculated on a simple interest basis. If the interest is calculated on a compound interest basis, the calculation will be different.
Free Test
FREE
| Start Free Test |
Community Answer
Ram is a partner. He made drawings as follows:July 1 Rs. 200August 1...
Interest on drawings according to their time-
July1-200(9 months) -9
August1-200(8months) -8
September1-300(7 konths)-10.5
November1-50 (5 months) -1.25
February1-100(2 months) -1
So total is Rs. 29.75
July1-200(9 months) -9
August1-200(8months) -8
September1-300(7 konths)-10.5
November1-50 (5 months) -1.25
February1-100(2 months) -1
So total is Rs. 29.75
Attention CA Foundation Students!
To make sure you are not studying endlessly, EduRev has designed CA Foundation study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in CA Foundation.
|
Explore Courses for CA Foundation exam
|
|
Similar CA Foundation Doubts
Top Courses for CA FoundationView all
Ram is a partner. He made drawings as follows:July 1 Rs. 200August 1 Rs. 200September 1 Rs. 300November 1 Rs. 50February 1 Rs. 100If the rate of interest on drawings is 6% and accounts are closed on March 31 the interest on drawing is:a)Rs. 29.75b)Rs. 35c)Rs. 30d)Rs. 40Correct answer is option 'A'. Can you explain this answer?
Question Description
Ram is a partner. He made drawings as follows:July 1 Rs. 200August 1 Rs. 200September 1 Rs. 300November 1 Rs. 50February 1 Rs. 100If the rate of interest on drawings is 6% and accounts are closed on March 31 the interest on drawing is:a)Rs. 29.75b)Rs. 35c)Rs. 30d)Rs. 40Correct answer is option 'A'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Ram is a partner. He made drawings as follows:July 1 Rs. 200August 1 Rs. 200September 1 Rs. 300November 1 Rs. 50February 1 Rs. 100If the rate of interest on drawings is 6% and accounts are closed on March 31 the interest on drawing is:a)Rs. 29.75b)Rs. 35c)Rs. 30d)Rs. 40Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Ram is a partner. He made drawings as follows:July 1 Rs. 200August 1 Rs. 200September 1 Rs. 300November 1 Rs. 50February 1 Rs. 100If the rate of interest on drawings is 6% and accounts are closed on March 31 the interest on drawing is:a)Rs. 29.75b)Rs. 35c)Rs. 30d)Rs. 40Correct answer is option 'A'. Can you explain this answer?.
Ram is a partner. He made drawings as follows:July 1 Rs. 200August 1 Rs. 200September 1 Rs. 300November 1 Rs. 50February 1 Rs. 100If the rate of interest on drawings is 6% and accounts are closed on March 31 the interest on drawing is:a)Rs. 29.75b)Rs. 35c)Rs. 30d)Rs. 40Correct answer is option 'A'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Ram is a partner. He made drawings as follows:July 1 Rs. 200August 1 Rs. 200September 1 Rs. 300November 1 Rs. 50February 1 Rs. 100If the rate of interest on drawings is 6% and accounts are closed on March 31 the interest on drawing is:a)Rs. 29.75b)Rs. 35c)Rs. 30d)Rs. 40Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Ram is a partner. He made drawings as follows:July 1 Rs. 200August 1 Rs. 200September 1 Rs. 300November 1 Rs. 50February 1 Rs. 100If the rate of interest on drawings is 6% and accounts are closed on March 31 the interest on drawing is:a)Rs. 29.75b)Rs. 35c)Rs. 30d)Rs. 40Correct answer is option 'A'. Can you explain this answer?.
Solutions for Ram is a partner. He made drawings as follows:July 1 Rs. 200August 1 Rs. 200September 1 Rs. 300November 1 Rs. 50February 1 Rs. 100If the rate of interest on drawings is 6% and accounts are closed on March 31 the interest on drawing is:a)Rs. 29.75b)Rs. 35c)Rs. 30d)Rs. 40Correct answer is option 'A'. Can you explain this answer? in English & in Hindi are available as part of our courses for CA Foundation.
Download more important topics, notes, lectures and mock test series for CA Foundation Exam by signing up for free.
Here you can find the meaning of Ram is a partner. He made drawings as follows:July 1 Rs. 200August 1 Rs. 200September 1 Rs. 300November 1 Rs. 50February 1 Rs. 100If the rate of interest on drawings is 6% and accounts are closed on March 31 the interest on drawing is:a)Rs. 29.75b)Rs. 35c)Rs. 30d)Rs. 40Correct answer is option 'A'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
Ram is a partner. He made drawings as follows:July 1 Rs. 200August 1 Rs. 200September 1 Rs. 300November 1 Rs. 50February 1 Rs. 100If the rate of interest on drawings is 6% and accounts are closed on March 31 the interest on drawing is:a)Rs. 29.75b)Rs. 35c)Rs. 30d)Rs. 40Correct answer is option 'A'. Can you explain this answer?, a detailed solution for Ram is a partner. He made drawings as follows:July 1 Rs. 200August 1 Rs. 200September 1 Rs. 300November 1 Rs. 50February 1 Rs. 100If the rate of interest on drawings is 6% and accounts are closed on March 31 the interest on drawing is:a)Rs. 29.75b)Rs. 35c)Rs. 30d)Rs. 40Correct answer is option 'A'. Can you explain this answer? has been provided alongside types of Ram is a partner. He made drawings as follows:July 1 Rs. 200August 1 Rs. 200September 1 Rs. 300November 1 Rs. 50February 1 Rs. 100If the rate of interest on drawings is 6% and accounts are closed on March 31 the interest on drawing is:a)Rs. 29.75b)Rs. 35c)Rs. 30d)Rs. 40Correct answer is option 'A'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice Ram is a partner. He made drawings as follows:July 1 Rs. 200August 1 Rs. 200September 1 Rs. 300November 1 Rs. 50February 1 Rs. 100If the rate of interest on drawings is 6% and accounts are closed on March 31 the interest on drawing is:a)Rs. 29.75b)Rs. 35c)Rs. 30d)Rs. 40Correct answer is option 'A'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
|
|
Explore Courses for CA Foundation 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