Pawan and Param started business on 1st July, 2023 with capitals of ₹ 3,00,000 and ₹ 2,00,000 respectively. Pawan withdrew ₹ 18,000 per quarter at the end
Pawan and Param started business on 1st July, 2023 with capitals of ₹ 3,00,000 and ₹ 2,00,000 respectively. Pawan withdrew ₹ 18,000 per quarter at the end of each partner. Interest on drawings was calculated ₹ 1,080 at the end of 31st March, 2024. Determine the rate of interest on drawings.
Anurag Pathak Changed status to publish April 24, 2024
Solution:-
Note:- As the partnership starts on 1st July. there are only 3 quarters up to 31st March.
1st July – 30th September
1st October – 31st December
1st January – 31st March
The average Months Period would be
Months remaining after 1st Drawings (after 3oth September) + Months remaining after Last drawings (after 31st March)/2
6 + 0/2 = 3 Months
Anurag Pathak Changed status to publish April 24, 2024
