Ajay and Vijay are partners sharing profits equally. A draws regularly 4000 at the end of every month for 6months.Calulate interest on drawings @5% p. a?
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Answered by
4
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
= [5+0]/2
= 2.5 Months
Hence,
Interest on drawings= 24000 * 5/100 * 2.5/12
= 250
Explanation:
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Answered by
2
Answer:
550
Explanation:
Correct Question:
- Ajay and Vijay are partners sharing profits equally. Ajay draws regularly 4000 at the end of every month for 6months.Calulate interest on drawings @5% p.a
Solution:
Total amount withdrawn = 4,000 × 6 = 24,000
Average period = 5.5
Intrest on drawings = Total amt × Rate × Average period
Intrest = 24,000 × 5% × 5.5/12 = 550
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