Question

(b) Javed is a partner in a firm. He withdraws 6,000 p.m. throughout the year in the midd
every month. Compute interest on drawings 8 %
1​

Answer 1

Answer:

480₹

Explanation:

Money withdrawn per month = 6000₹

1 year = 12 months

Money withdrawn throughout the year = 6000x12

= 72000₹

Interest =8 %

• = 72000/100 x 8
• =5760₹
• Per month = 5760÷12
• =480₹

Answer 2

Correct Question:

(b) Javed is a partner in a firm. He withdraws 6,000 p.m. throughout the year in the middle of every month. Compute interest on drawings 8 % p.a.

Answer :

Interest on drawings = ₹ 2,880

Step-by-step explanation:

Given :

• Withdrawn amount = 6,000 p.m
• In the middle of every month
• Rate of Interest = 8 % p.a.

To find :

• Interest on drawings

Solution :

Total amount withdrawn = 6,000 × 12 = ₹ 72,000

If drawings are made in the middle of every

month :

Average period = 6

Interest on drawings = Total amount of drawings × Rate of interest × Average period/12

Interest on drawings =

$\sf{Total \: amount \: of \: drawings \: \times \: \dfrac{Rate \: of \: interest}{100} \times \dfrac{Average \: period}{12}}$

⇒ $\sf{72000 \times \frac{8}{100} \times \frac{6}{12}}$

⇒ $\sf{5760 \: \times \dfrac{6}{12}}$

⇒ 2,880

Interest on drawings = ₹ 2,880

∴ Interest on drawings = ₹ 2,880