1) Velan is a partner who withdrew ₹ 20,000 on 1st April 2018. Interest on drawings is charged at 10% per annum. Calculate interest on drawings on 31st December 2018 and pass journal entries
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Explanation:
amount of drawings = 20,000
date of withdrawal = 1st april 2018
number of months = 9
interest rate = 10%
Interest on drawings = Amount of drawings x Rate of interest x Period of interest
= 20,000* 9/12 * 10/100 = 1500
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