Rakesh and Roshan are partners, sharing profits in the ratio of 3:2 with capitals of Rs. 40,000 and Rs. 30,000, respectively. They withdrew from the firm the following amounts, for their personal use:
| Rakesh |
Month |
Amt. Rs. |
|
May 31,2006 |
600 |
|
June 30, 2006 |
500 |
|
August 31, 2006 |
1,000 |
|
November 1, 2006 |
400 |
|
December 31,2006 |
1,500 |
|
January 31, 2007 |
300 |
|
March 1,2007 |
700 |
| Rohan |
At the beginning of each month |
400 |
Interest is to be charged @ 6% p.a. Calculate interest on drawings, assuming that book of accounts are closed on March 31, 2007, every year.
