When the date of drawing is not specified, interest on drawings are calculated for Option 1: One full year. Option 2: 6.5 month. Option 3: 5.5 months. Option 4: 6 months.

Answer: 6 months. Solution: When the date of drawing is not specified in a partnership, it is assumed that the partner has withdrawn money uniformly throughout the year. To calculate interest on such drawings, we use the average time period. If drawings are made evenly throughout the year: - Earliest possible withdrawal → attracts interest for 12 months - Latest possible withdrawal → attracts interest for 0 months - Average period = (12 + 0)/2 = 6 months Therefore, interest on drawings is calculated for 6 months when the date of drawing is not specified. This is a standard convention in partnership accounting to ensure fairness when exact withdrawal dates are unknown.

Partnership

Accounting

Easy

common

When the date of drawing is not specified, interest on drawings are calculated for

One full year.

6.5 month.

5.5 months.

6 months.

✅ Correct Option: 4

When the date of drawing is not specified in a partnership, it is assumed that the partner has withdrawn money uniformly throughout the year.

To calculate interest on such drawings, we use the average time period.

If drawings are made evenly throughout the year:

Earliest possible withdrawal → attracts interest for 12 months
Latest possible withdrawal → attracts interest for 0 months
Average period = $\frac{12 + 0}{2}$ = 6 months

Therefore, interest on drawings is calculated for 6 months when the date of drawing is not specified.

This is a standard convention in partnership accounting to ensure fairness when exact withdrawal dates are unknown.

2026: 11 May Shift 2

Nagina, Pratap and Himesh are partners sharing profits and losses in the ratio of 5:3:2. The partnership deed provides for charging interest on drawings @ 5% p.a. The drawings of Nagina, Pratap and Himesh during the year ending March 31, 2025 amounted to Rs. 40,000, Rs. 15,000 and Rs. 15,000 respectively. After the final accounts have been prepared, it was discovered that interest on drawings has not been taken into consideration. Give necessary adjusting journal entry.

2025: 15 May Shift 2

Which of the following entry shows withdrawal of excess capital by partner's ?:

2025: 4 June Shift 2

Match List-I with List-II

List-I	List-II
Interest on Drawings	Time (Month)
(A). When the amount is withdrawn at the beginning of each month.	(I). 6 months
(B). When the amount is withdrawn at the end of each month.	(II). 6.5 months.
(C). When the amount is withdrawn at the middle of each month.	(III). 5.5 months.
(D). When the amount is withdrawn at the end of each quarter.	(IV). 4.5 months.

Choose the correct answer from the options given below:

2025: 22 May Shift 1

Yadu, Madhu and Vidu are partners, sharing profit and losses in the ratio of 2:2:1. Their fixed capitals on April 01, 2018 were:

Yadu Rs. 5,00,000, Madhu Rs. 4,00,000 and Vidu is 3,50,000.

As per the partnership deed, partners are entitled to interest on capital @5% p.a. and Yadu has to be paid a salary of Rs. 2000 per month. The net loss of the firm as per profit and loss account for the year ending March 31, 2019, amounted to Rs. 75,000. On the basis of the profit and loss appropriation account, Partners' distribution of loss would be:

2022: 30 Aug Shift 2

Match List I with List II in context of not having partnership deed.

	LIST I		LIST II
A.	Interest on loan	I.	Equal
B.	Interest on drawings	II.	Will not be charged
C.	Salary	III.	@ 6% p.a.
D.	Profit sharing ratio	IV.	Will not be allowed/provided

Choose the correct answer from the options given below:

2025: 29 May Shift 2

Himanshu withdrew Rs.2,500 at the end of each month. The partnership deed provides for charging of interest on drawings @ 12% p.a. Calculate interest on Himanshu's drawings for the year ended March 31, 2017.

When the date of drawing is not specified, interest on drawings are calculated for

Solution

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