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Akshay and Rajesh are partners sharing profits and losses equally with capitals of ₹ 3,00,000 and ₹ 2,00,000 respectively. Their drawings during the year are: Akshya’s drawings on:
30th June 2022 ₹ 5,000
31st July 2022 ₹ 6,000
1st October 2022 ₹ 4,500
1st March 2023 ₹ 14,000
Rajesh drew ₹ 3,000 at the end of each month. The Partnership Deed provides interest on capitals and drawings @ 6% p.a. Calculate interest on capital and drawings assuming the firm closes its books on 31st March every year.
Anurag Pathak Changed status to publish April 15, 2023
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