Charulata is a partner in a firm. She withdrew ₹10,000 in each quarter during the year ended 31st March, 2019. Interest on her drawings @ 9% p.a. will be:
Answers
Total withdrawings= 10000 * 4
= 40000
Rate= 9%
Case 1: If he withdrew 10000 in the beginning of each quarter-
Note: When equal amount of drawings is withdrawn at the beginning of each quarter, interest is calculated for a period of 7.5 months.
Hence,
Interest on drawings= 10000 * 9/100 * 7.5/12
= 900 * 7.5 / 12 = 6750/12
= 562.5
Answer:
rs 1800
Explanation
drawing per quarter = rs 10000
total drawing during the year = rs 10000 x 4 ( because in a year there are four Quarter)
total drawing = rs 40000
now formula of interest on drawing = total drawing x interest rate/ 100 x time /12
so interest on drawing= 40000x 9/100x6/12
interest on drawing =rs1800
NOTE when there is no mention of particular date of drawing then we calculate drawing for 6 months
I hope it will help you guys