Question

A, B and C are partners sharing profits equally. A draw regularly Rs. 4,000 in the beginning of every

month for the six months, B draw regularly Rs. 4,000 at the end of every month for the six months,

while C drew regularly Rs. 4,000 in the middle of every month for six months ended 30th

September, 2015. Calculate interest on drawings @ 12% p.a.​

Answer 1

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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