Class XII

Assignment -1
ACCOUNTING FOR PARTNERSHIP FIRMS- FUNDAMENTALS
1 Charu is a partner in a firm. she withdrew the following amounts during the year ended on 31st
March, 2021:-
Rs
May 1 20,000
July 31 10,000
September 30 30,000
November 30 40,000
January 1 20,000
March 31 25,000
Interest on drawings is to be charged @ 9% p.a. Calculate interest on drawings
2 A, B and C are partners in a firm. you are informed that:
a) A draws Rs10,000 from the firm in the beginning of every month,
b) B draws Rs10,000 from the firm at the end of every month, and
c) C draws Rs10,000 from the firm in the middle of every month.
Interest on drawings is to be charged @ 8% p.a. Calculate interest on partner’s drawings.
3 Calculate the interest on drawings of Mr. Navdeep @ 10% p.a. for the year ended 31st March,
2021 in each of the following alternative cases:
Case (a) If he withdrew of Rs20,000 in the beginning of each quarter.
Case (b) If he withdrew of Rs20,000 at the end of each quarter.
Case (c) If he withdrew of Rs20,000 during the middle of each quarter.
4 Calculate the interest on drawings of Mr. Arun @ 10% p.a. for the year ended 31st March, 2021
in each of the following alternative cases:
Case (a) If he withdrew Rs5,000 p.m. in the beginning of every month;
Case (b) If he withdrew Rs5,000 p.m. at the end of every month;
Case (c) If he withdrew Rs5,000 p.m. during the year;
Case (b) If he withdrew Rs60,000 during the year;
Case (e) If he withdrew as follows:
1st June, 2020 20,000
31st August, 2020 10,000
31st Oct, 2020 18,000
1st Feb., 2021 12,000
Case (f) If he withdrew Rs15,000 in the beginning of each quarter;
Case (f) If he withdrew Rs15,000 at the end of each quarter;
Case (f) If he withdrew Rs15,000 during the middle of each quarter;
5 P,Q and R are partners in a firm. You find that :
a) P drew Rs6,000 in the beginning of every month for 6 months ending 31st March, 2022.
b) Q drew Rs6,000 at the end of every month for 6 months ending 31st March, 2022.
c) R drew Rs6,000 in the middle of every month for 6 months ending 31st March, 2022.
Calculate interest on drawings @ 8% p.a.
6 A, B and C started business on 1st July, 2020. You find that:
a) Drew Rs8,000 in the beginning of every month for 9 months ending 31st March, 2021.
b) B drew Rs8,000 at the end of every month for 9 months ending 31st March, 2021.
c) C drew Rs8,000 every month for 9 months ending 31st March, 2021.
Calculate interest on drawings @ 10% p.a.

1 P.T.O
7 Calculate interest on Karishma’s drawings:
a) If she has withdrawn Rs40,000 during the year and interest on drawings is charged @
10% per annum.
b) If she has withdrawn Rs40,000 during the year and interest on drawing is charged @
10%.
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2 P.T.O