Question

Amit is a partner in a firm. He withdrew 45,000 in 2018-19. The books of the firm close on March 31st every year. Calculate interest on drawings if the rate of interest is 9% p.a. ​

Answer 1

Answer:

Explanation:

Given :

Drawings for the year 2018-19 = Rs 45000

Rate of interest on drawings = 9% p.a

So if no information is given as to the manner of drawings made , we will assume it to be for 6 months , then the drawings for 1 year is as follows :

45,000 x 9/ 100 x 6/ 12 = Rs 2025

Hence interest on drawings for 1 year is Rs 2025

Answer 2

Answer:

Interest on drawings = Rs.2025

Explanation:

Given :

• Amount withdrew by Amit = Rs. 45,000
• Year = 2018 - 19
• The books of the firm close on March 31st every year
• Rate of Interest = 9 %

To find :

• Calculate Interest on drawings

Solution :

As, Date of drawings is not mentioned, Interest is calculated for an average period of six months.

★ Interest on drawings =

$\sf{\longrightarrow{Amount \: of \: drawings \: \times \: \dfrac{Rate \: of \: interest}{100} \: \times \: \dfrac{Period \: of \: interest}{12}}}$

$\longrightarrow{\sf{45,000 \: \times \: \dfrac{9}{100} \: \times \: \dfrac{6}{12}}}$

$\sf{\longrightarrow{2025}}$

Interest on drawings = 2025

∴ Interest on drawings = Rs. 2025