Accountancy, asked by sudhanshurai4514456, 1 month ago

A partner drew Rs 2,500 at the end of each month subject to interest @ 6% p.a. the amount of interest on drawing will be :- (A) Rs 72 (B) Rs 82.50 (C) Rs 90 (d) Rs 93.50​

Answers

Answered by Equestriadash
3

Given data:

  • A partner withdrew Rs 2,500 at the end of every month.
  • Interest on drawings was to be charged at 6% p.a.

To find: The interest on drawings.

Answer:

If a person withdraws a fixed amount at the end of every month, the formula below is to be used to calculate the interest on drawings.

Interest on drawings = (Total drawings × Rate) ÷ 100 × (5.5 ÷ 12)

We have,

  • total drawings = Rs 2,500 × 12 = Rs 30,000
  • rate = 6%

Substituting them in the formula,

Interest on drawings = (Rs 30,000 × 6) ÷ 100 × (5.5 ÷ 12)

Interest on drawings = Rs 825

Therefore, the interest on drawings when a partner withdraws Rs 2,500 at the end of every month at the rate of 6% is Rs 825.

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