a partner withdraw indentical ammount at the and of each month from the firm. at the year total annual drawing is 12000, interest on drawing is chargeble at 12 % p. a determined the amount of interest on drawing of the year
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1
Answer:
Interest on drawings = Amount of drawings x Rate of interest x Period of interest
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Answer:
Total annual drawing =rs 12000
~monthly drawing =12000÷12=1000
if partner has withdrawn indentical amount at the end of each month,then take N=66÷12.
HERE, P=1000; R=12%; N=66÷12; I =?
Interst on drawing I = PRN÷100
=1000×12÷100×66÷12
=660
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