Question

5
Amit, a partner in a partnership firm withdrew 7,000 in the beginning of each quarter. For how
many months would interest on drawings be charged?
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Answer 1

IOD would be charged for 30÷12 Or 7.5 months as Amit withdrew 7000 in the beginning of each quarter

Answer 2

Answer: 7½ months

Explanation: (Period after the first drawings + Period after the last drawings)/2 = (12+3)/2 = 7½ months.