. A Partner withdraws Rs.8000 each on 1st April and 1st October. Interest on his drawings @6% p.a. on 31st March will be
Answers
Answer:
720
Explanation:
I.O.D= total drawing × rate/100 × average month/12
i.o.d= 16000×6/100×9/12
A partner withdraws Rs. 8000 each on 1st April and 1st October.
we have to find interest on his drawings 6% per annum on 31st march.
solution : withdrawing total amount = 8000 + 8000 = 16000 Rs.
rate of interest, r = 6 % per annum.
average time = (1sr April to 31st march + 1st October to 31st march)/2
= (12 + 6)/2 = 9 months = 9/12 year
using formula, interest = total amount × rate × average time
= 16000 × 6/100 × 9/12
= 160 × 6 × 3/4
= 40 × 6 × 3
= 720
Therefore the interest on his drawings will be 720 Rs.
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