Question

Find out interest on drawings at 5% per annum for partner Raman, who withdrew * 600 at the end of every month for six months ending on 31st March, 2021. Ans. 37.50.​

Answer 1

Answer:

Please see the system of calculations of interest

At the end of First Month   Total Balance of drawing will be 600.00

At the end of Second Month   Total Balance of drawing will be 1200.00

At the end of Third Month   Total Balance of drawing will be 1800.00

At the end of Fourth Month   Total Balance of drawing will be 2400.00

At the end of Fifth  Month   Total Balance of drawing will be 3000.00

At the end of Sixth Month   Total Balance of drawing will be 3600.00

This means he availed the following amount

0600*1= 0600

1200*1= 1200

1800*1= 1800

2400*1= 2400

3000*1= 3000

3600*1 day only i.e. 31.03.2021= 3600

Total Product =600+1200+1800+2400+3000=9000

Interest will be 9000*5%/12=37.50

I think above explanation will clarify you

Explanation: