4. If Ram withdrew Rs. 10.000 each
month on the last day of each month
interest on drawings @ 10% p.a. for
the year ending 31st March 2019
would be
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Answer:
Answer is 1650
Explanation:
Assuming that the drawings were made evenly throughout the year, the interest on drawings has been calculated for an average period of 6 months.
Interest on Drawings = Total Drawings x Rate/100 x 5.5/12
Interest on Drawings = Rs. 3000 × 12 × 10/100 × 5.5/12
Interest on Drawings = Rs. 1650
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