Bhaskar is a partner in a firm. he withdraws ₹ 6,000 in the beginning of each months for 12 months. The books of the firm closes on 31st March every year. calculate interest on drawings if the rate of interest is 10% p.a.
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Answer:
annual drawing = 6000*12=72000
Interest on drawing = amount* average period *rate
= 72000*6.5/12*10/100
= 3900
Explanation:
when partner withdraw in the beginning of each month then average period is 6.5 month
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