[NCERT] Q 20 Accounting for Partnership Basic Concepts Solutions Class 12

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Solution of Question number 20 of Accounting for Partnership Basic Concepts NCERT Accountancy solution Class 12 CBSE Board

Rakesh and Roshan are partners, sharing profits in the ratio of 3 : 2 with capitals of ₹ 40,000 and ₹ 30,000 respectively. They withdrew from the firm the following amounts, for their personal use:

RakeshMonth
May 31, 2019
June 30, 2019
August 31, 2019
December 31, 2019
January 31, 2020
March 01, 2020
600
500
1,000
400
1,500
300
700
RohanAt the beginning of each month400

Interest on drawings is to be charged @ 6% p.a. Calculate interest on drawings, assuming that book of accounts are closed on March 31, 2017, every year.

[Ans: Interest on Rakesh’s Drawings: ₹ 126.50; Rohan’s Drawings ₹ 156 rounded off to nearest rupee)

Solution:-

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