Question

A and B are partners.During the year A drew Rs. 16,000/-.Calculate interest on drawings,if the rate of interest is 12% p.a.​

Answer 1

Answer:

interest on drawings = 16,000×12/100×6/12 = 960

Answer 2

The interest on drawings is Rs. 1920

Given,

Principal amount (P) = Rs. 16000

Rate of Interest (R) = 12% p.a.

Time (T) = 1 year

To Find,

Interest (I)

Solution,

We know, the formula to find the interest amount,

$I=\frac{PRT}{100}$

Putting the values in the above equation,

$\implies I=\frac{16000 \times 12 \times 1}{100} \\\\\implies I= 160 \times 12 \times 1\\\\\implies I = Rs. 1920$

Therefore, the interest on drawings is Rs. 1920/-

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