Tag: book keeping and accountancy

Interest on drawings is _________.

A and B enter into a joint venture sharing profit and losses in the ratio 2:3. Goods were purchased by A for Rs. 55,000. Expenses incurred by A Rs. 3,500 and by B Rs. 5.200. B sold the goods for Rs. 80,000. Remaining stock was taken over by B at Rs. 12,200. What will be the final remittance to be made by B to A?

Interest on drawing is ________ for the business.

The interest on partner's capital accounts is to be credited to_________. 

Where a partner is entitled to interest on capital contributed by him, such interest will be payable: 

N & Z are two partners. During the year N withdraws Rs. $37,000$ on $1-5-2012$ & Z withdraws Rs. $45,000$ on $15-8-2012$. Accounts are closed on $31-12-2012$. Rate of interest on drawings is $10\%$ p.a. Interest on drawing for two partner respectively will be.

If a fixed amount is withdrawn on the last day of every month of a calendar year, the interest on the total amount of drawings will be calculated for _________. 

If a fixed amount is withdrawn on the middle day of every month of a calendar year, the interest on the total amount of drawings will be calculated for ________. 

If a fixed amount is withdrawn on the first day of every quarter of a calendar year, the interest on total amount of drawings will be calculated for _______. 

What time would be taken into consideration if equal monthly amount is drawn as drawing at the beginning of each month?