12.
Ram withdrew * 600 per month regularly on the first day of every month during six months
ending 30th June, 2016 for personal expenses. If interest on drawings is charged @ 5% p.a.,
calculate interest on drawings of Ram.
[Ans. *52.50)
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Explanation:
ANSWER
Calculation of interest on drawings:
Number of drawings = 6
Amount of each drawing= 4000
Total drawings= 6*4000
= 24000
Number of months= [Time left after 1st drawing + Time left after last drawing]/2
= [6+1]/2
= 3.5 months
Hence,
Interest on drawings= 24000 * 5/100 * 3.5/12
= 350
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