46 :- Piyush, Harmesh and Atul are partners. Each partner regularly withdraw Rs 20,000 per month as given below:

  • Piyush withdrew in the beginning of the month
  • Harmesh withdrew in the middle of the month
  • Atul withdrew at the end of the month

Interest on drawings charged for the year ended 31st March 2025 was Rs 15,600, Rs 14,400 and Rs 13,200 respectively.
Determine the rate of interest charged on drawings.

Solution :-
CASE A:- Average month = 12 + 1/2 = 6.5 months
Interest on Piyush Drawings = Monthly drawings x 12 x rate of interest/100 x 6.5/12
Rate of interest = Interest on Piyush drawings x 100 x 12 / 12 x monthly drawings
 = 15,600 x 100 x 12/ 12 x 20,000 x 6.5
= 12%

CASE B:- Average month = 11.5 + 0.5/2  = 6 months
Interest on Harmesh Drawings = Monthly drawings x 12 x rate of interest/100 x 6/12
Rate of interest = interest on Harmesh drawings x 100 x 12 / 12 x monthly drawings x 6
= 14,400 x 100 x 12/ 12 x 20,000 x 6
= 12%

CASE C:- Average month = 11 + 0/2  = 5.5 months
Interest on Atul Drawings = Monthly drawings x 12 x rate of interest/100 x 5.5/12
Rate of interest = Interest on Piyush drawings x 100 x 12 / 12 x monthly drawings x 5.5
 = 13,200 x 100 x 12/ 12 x 20,000 x 5.5
= 12%