Partnership

Accounting

Medium

common

Abhishek and Manan are partners in a firm. Abhishek withdrew regularly Rs. 8,000 every month for six months ending 31st March, 2026. If interest on drawings is charged @ 16% p.a. What amount will be charged as interest on drawings from Abhishek?

Rs. 1,120

Rs. 1,920

Rs. 800

Rs. 960

✅ Correct Option: 2

Total drawings $= 8,000 \times 6 = 48,000$ .

Since the date of withdrawal is not specified, drawings are assumed to be made in the middle of each month, giving an average period of $3$ months.

Interest $= 48,000 \times \frac{16}{100} \times \frac{3}{12} = 1,920$ .

Note: The question does not state whether the withdrawals were at the beginning, middle or end of the month. We have used the standard middle-of-month assumption, which matches an available option.

2025: 22 May Shift 1

All adjustments in respect of partner's salary, partner's commission, interest on capital, interest on drawings, etc. are made through:

2022: 20 July Shift 1

Identify the right combination of type of Account in making Final Accounts of Partnership Firm.

(a) Profit and Loss A/C

(b) Profit and Loss Suspence A/C

(d) Profit and Loss Adjustment A/C

(e) Partners' Capital A/Cs

Choose the correct answer from the options given below :

2025: 4 June Shift 2

Choose the correct statement if a partnership deed is not present.

2026: 20 May Shift 1

Match List-I with List-II

List-I	List-II
(A) Intangible assets should be written off as early as possible but not exceeding its estimated life in ......... years	(I) 4
(B) AS .....deals with intangible assets	(II) 10
(C) In the absence of any agreement, Section ...... of the Indian Partnership Act, 1932 is applicable, which states that the retiring partner has an option to receive either interest @ 6% p.a. till the date of payment or such share of profits which has been earned with his/her money (i.e., based on capital ratio).	(III) 26
(D) Section ...... of the Indian Partnership Act 1932 defines partnership.	(IV) 37

Choose the correct answer from the options given below:

2026: 6 June Shift 1

Anuj and Varun are partners sharing profits equally, with capitals of Rs. 1,00,000 and Rs. 80,000 respectively. Interest on capital is agreed @ 6% p.a. Varun is to be allowed an annual salary of Rs. 10,000. Manager is to be allowed commission Rs. 5,000. Anuj has also given a Loan on April 01, 2024 of Rs. 50,000 to the firm without any agreement. During the year 2024-25, the profit earned was Rs. 42,500. State their share of profit after necessary appropriations.

2025: 2 June Shift 2

When the capital accounts are fixed, additional capital introduced by the partner is.

Abhishek and Manan are partners in a firm. Abhishek withdrew regularly Rs. 8,000 every month for six months ending 31st March, 2026. If interest on drawings is charged @ 16% p.a. What amount will be charged as interest on drawings from Abhishek?

Solution

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