A withdraws following amounts from the business for the year ending 31st march, 2010:
June,30 - 6,000
Aug, 1 - 5,500
oct, 30 - 3,000
Dec ,31 - 4,000
Feb, 28- 1,000
Calculate interest on drawing's @ 6% p.a
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Answer:
date. amount. time left. product
june30. 6000. 9. 54000
aug 1. 5500 8. 44000
oct30. 3000. 5. 15000
dec31. 4000. 3. 12000
feb28. 1000. 1. 1000
total of product =. 126000
Explanation:
interest on drawing = total of product ×rate × 1/12
= 126000×6/100/1/12
= 630
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