[NCERT] Q 24 Accounting for Partnership Basic Concepts Solutions Class 12 (2022-23)

Solution of Question number 24 of Accounting for Partnership Basic Concepts NCERT Accountancy solution Class 12 CBSE Board 2022-23 Session?

Amit and Bhola are partners in a firm. They share profits in the ratio of 3 : 2. As per their partnership agreement, interest on drawings is to be charged @ 10% p.a. Their drawings during 2019 were ₹ 24,000 and ₹ 16,000, respectively. Calculate interest on drawings based on the assumption that the amounts were withdrawn evenly, throughout the year.

[Ans: Interest on Amit’s Drawings, ₹ 1,200 and Bhola’s ₹ 8,00]

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