Gupta and Veena were partners in a firm sharing profits and losses in the ratio of $\displaystyle 2$:1. Gupta withdrew the following amounts from the firm for personal use during the year ending $\displaystyle 3151$; March, $\displaystyle 2025$ : (i) For the first four months, he withdrew ₹ $\displaystyle 4,000$ at the beginning of each month. (ii) For the remaining months, he withdrew ₹ $\displaystyle 5,000$ at the end of each month. Interest on drawings was to be charged @ $\displaystyle 6$% p.a. The books of the firm are closed on 31st March every year. Calculate interest on Gupta's drawings for the year ending $\displaystyle 31$" March, 2025.

Calculation of Gupta’s interest on drawings: Interest on drawings = Total amount of drawings x Average time period x Rate $\displaystyle 12$ $\displaystyle 100$ Average time period: For first four months = $\displaystyle 12$+$\displaystyle 9$ =$\displaystyle 10.5$ months $\displaystyle 2$ ………………….……… ½ For remaining eight months = $\displaystyle 7$+$\displaystyle 0$ =$\displaystyle 3.5$ months $\displaystyle 2$ Interest on drawings: For first four months = $\displaystyle 16,000$ x $\displaystyle 6$ x $\displaystyle 10.5$ = ₹ $\displaystyle 840$ ……………. $\displaystyle 1$ $\displaystyle 100$ $\displaystyle 12$ For remaining eight months = $\displaystyle 40,000$ x $\displaystyle 6$ x $\displaystyle 3.5$ = ₹ $\displaystyle 700$ ……..………. $\displaystyle 1$ $\displaystyle 100$ $\displaystyle 12$ Total interest on drawings = $\displaystyle 840$ + $\displaystyle 700$= ₹ $\displaystyle 1,540$ …………………..………… ½ Alternatively, Interest on drawings = Sum of product x Rate x $\displaystyle 1$ $\displaystyle 100$ $\displaystyle 12$ Date Drawings No. of Months Product ($\displaystyle 24$-$\displaystyle 25$) Apr $\displaystyle 1$ $\displaystyle 4,000$ $\displaystyle 12$ $\displaystyle 48,000$ May $\displaystyle 1$ $\displaystyle 4,000$ $\displaystyle 11$ $\displaystyle 44,000$ June $\displaystyle 1$ $\displaystyle 4,000$ $\displaystyle 10$ $\displaystyle 40,000$ July $\displaystyle 1$ $\displaystyle 4,000$ $\displaystyle 9$ $\displaystyle 36,000$ Aug $\displaystyle 31$ $\displaystyle 5,000$ $\displaystyle 7$ $\displaystyle 35,000$ Sept $\displaystyle 30$ $\displaystyle 5,000$ $\displaystyle 6$ $\displaystyle 30,000$ Oct $\displaystyle 31$ $\displaystyle 5,000$ $\displaystyle 5$ $\displaystyle 25,000$ Nov $\displaystyle 30$ $\displaystyle 5,000$ $\displaystyle 4$ $\displaystyle 20,000$ Dec $\displaystyle 31$ $\displaystyle 5,000$ $\displaystyle 3$ $\displaystyle 15,000$ $\displaystyle 1$ ½ Jan $\displaystyle 31$ $\displaystyle 5,000$ $\displaystyle 2$ $\displaystyle 10,000$ Feb $\displaystyle 28$ $\displaystyle 5,000$ $\displaystyle 1$ $\displaystyle 5,000$ Mar $\displaystyle 31$ $\displaystyle 5,000$ $\displaystyle 0$ $\displaystyle 0$ $\displaystyle 3,08,000$ Interest on drawings = $\displaystyle 3,08,000$ x $\displaystyle 6$/$\displaystyle 100$ x $\displaystyle 1$/$\displaystyle 12$ = ₹ $\displaystyle 1540$…………… $\displaystyle 1$