Class 12th Account chapter 1 question 38 solution (ts grewal)

38. Brij and Mohan are partners in a firm. They withdrew ₹ 48,000 and ₹ 36,000 respectively during the year evenly in the middle of every month. According to the Partnership Deed, interest on drawings is to be charged @ 10% p.a.

Calculate interest on drawings of the partners using the appropriate formula.

  [Ans.: Interest on Brij’s Drawings—₹ 2,400 and Interest on Mohan’s Drawings—₹ 1,800]