21.Arjun and Raju are two partners drew for private use rs.120000 and rs.80000.Interest is charged @6%p.a on Drawings.What is the total interest?
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Answer:
Calculation of interest on drawings:
Arjun's interest= 120000 * 6/12 * 6/100
= 3600
Raju's interest= 80000 * 6/12 * 6/100
= 2400
Note: Since no date has been specified, interest on drawings is calculated on an average basis of six months.
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