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12th Class Accountancy Fundamentals of Partnership Question Bank MCQs - Accounting for Partnership Firm : Fundamental

  • question_answer
    ‘G’ and ‘B’ are partners in a firm, ‘G’ withdraw Rs.800 per month at the beginning of every month for 6 months ending on 31st December, 2017.’B’ withdraw Rs.800 per month at the end of every month for 6 months ending on 31st December, 2017. Calculate interest on drawings @ 15% per annum on 31st December, 2017.

    A) G= Rs.320, B = Rs.280

    B) G= Rs.180, B = Rs.220

    C) G= Rs.720, B = Rs.720        

    D) G= Rs.210, B = Rs.150

    Correct Answer: D

    Solution :

    [d] G = Rs.210, B = Rs.150
    Hint: Interest on Drawings for G
    \[=800\times 6\times \frac{15}{110}\times \frac{3.5}{12}=\] Rs.210
    Interest on Drawings for B
    \[=800\times 6\times \frac{15}{110}\times \frac{2.5}{12}=\] Rs.150
     


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