[NCERT] Q 26 Accounting for Partnership Basic Concepts Solutions Class 12 (2022-23)

Solution of Question number 26 of Accounting for Partnership Basic Concepts NCERT Accountancy solution Class 12 CBSE Board 2022-23 Session?

Menon and Thomas are partners in a firm. They share profits equally. Their monthly drawings are ₹ 2,000 each. Interest on drawings is to be charged @ 10% p.a. Calculate interest on Menon’s drawings for the year 2006, assuming that money is withdrawn: (i) in the beginning of every month, (ii) in the middle of every month, and (iii) at the end of every month.

[Ans: (i) Interest on Drawings, ₹ 1,300; (ii) ₹ 1,200; (iii) ₹ 1,100]

Solution:-