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LoginJohn Ibrahm, a partner in Modern Tours and Travels withdrew money during the year ending March 31, 2017 from his capital account, for his personal use. Calculate interest in drawings in each of the following alternative situations, if rate of interest is 9 per cent per annum.
(a) If he withdrew Rs. 3,000 per month at the beginning of the month.
(b) If an amount of Rs. 3,000 per month was withdrawn by him at the end of each month.
(c) If the amounts withdrawn were : Rs. 12,000 onJune 01, 2016, Rs. 8,000, on August 31, 2016, Rs. 3,000, on September 30, 2016, Rs. 7,000, on November 30, 2016, and Rs. 6,000 on January 31, 2017.
Class 12 Accounts in Class 12 3 years ago
Interest on drawings`=Rs.(36,000xx9xx13xx1)/(100xx2xx12)=Rs.1,755`
(b) As the fixed amount of Rs. 3,000 per month is withdrawn at the END of each month, interest on drawings will be calculated for an average period of5 ` 1//2` months.
`Rs.(36,000xx9xx11xx1)/(100xx2xx12)=Rs. 1,485`
Posted on 04 Dec 2021, this text provides information on Class 12 related to Accounts in Class 12. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
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