Question

Arun is a partner in a firm During the year 2019-20 he withdrew 6,000 for his personal use Interest on drawings is to be charged @ 12% p.a Calculate
the amount of interest on drawings to be charged from Arun.

Solution:-

Interest on 6,000 for 6 months @ 12% pa will be:
36,000 x 6/12 x 124100 = 360
Therefore, total interest on drawings to be charged from Arun = 360.​

Answer 1

Answer:

Interest on drawings for 1 year = 720

Interest on drawings for 6 months = 360

Explanation:

Drawings made by arun = 6,000

Interest on drawings = 12% p.a.

Calculation of interest on drawings =

$6000 * \frac{12}{100} = 720$

Answer 2

ANSWER :

• ❖ If Arun is a partner in a firm who withdrew Rs. 6,000 for his personal use during the year 2019-20 and interest on drawings is to be charged @12% p.a.; then the amount of interest on drawings to be charged from Arun is Rs. 720.

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SOLUTION :

❒ Given :-

• Arun is a partner in a firm whowithdrew Rs. 6,000 for his personal use during the year 2019-20.

• Interest on drawings is to be charged @ 12% p.a

❒ To Calculate :-

• Amount of Interest chargeable on Drawings to Arun = ?

❒ Formula :-

• ✎ Interest on Drawings is calculated on a particular amount in the given rate of Interest for a specified time period as under :

$\dag \: \: \underline{ \boxed{ \sf{ \: Interest \: \: on \: \: Drawings = Amount \times Rate \: \: of \: \: Interest \times Time \: }}}$

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❒ Calculation :-

Here,

• Amount withdrawn during the year = Rs. 6,000

• Time = 1 year

• Rate of Interest = 12% p.a.

Using the formula of Interest on Drawings, we get,

• ★ Interest on Drawings = Amount × Rate of Interest × Time

⇒ Interest on Drawings = $\tt{Rs. \: 6,000 \times 12 \: \% \times 1 \: year}$

⇒ Interest on Drawings = $\tt{Rs. \bigg( 6,000 \times \dfrac{12}{100} \times 1\bigg)}$

∴ Interest on Drawings = Rs. 720