Calculate the amount of Manan's monthly drawings for the year ended 31st March, 2022, in the alternative cases when Partnership Deed allows interest on drawings @ 10% pa (1) If interest on drawings is 1950 and he withdrew a fixed amount in the beginning of each month (II) If interest on drawings is 2400 and he withdrew a fixed amount in the middle of each month (li) If interest on drawings is 2,750 and he withdrew a fixed amount at the end of each month
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Subject:
Accountancy -
Author:
melchor -
Created:
1 year ago
Answers 1
Let the amount of Manan's monthly drawings = x
(1)
Interest on drawings = 1950 (given)
x *10% *(12+1)/2 =1950
x*10/100*6.5 =1950
x = 1950*100/6.5*10
x=3000
Amount of Manan's monthly drawings = RS. 3000
(2)
Interest on drawings = 2400 (given)
x* 10% *(11.5+.5)/2 =2400
x*10/100*6 =2400
x=2400*100/10*6
x=4000
Amount of Manan's monthly drawings = RS. 4000
(3)
Interest on drawings = 2750 (given)
x* 10% *(11+.0)/2 =2750
x*10/100*5.5 =2750
x=2750*100/10*5.5
x=5000
Amount of Manan's monthly drawings = RS. 5000
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