gopal is a partner in the firm he withdraw 1000p.m. regularly on the first day of every month during the year ended 31st march 2018 for personal expenses if interest is charged @15% p. a. calculate the intrest on the drawing of gopal
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Given:
- Gopal is a partner in a firm.
- He withdrew Rs 1,000 at the beginning of every month.
- Interest on drawings is to be charged at 15%.
To find: The interest on drawings.
Answer:
When a partner withdraws a fixed amount at the beginning of every month, the interest on drawings is calculated as follows:
Interest on drawings = Total drawings × (Rate ÷ 100) × (6.5 ÷ 12)
- total drawings = Rs 1,000 × 12
- rate = 15%
Interest on drawings = Rs 12,000 × (15 ÷ 100) × (6.5 ÷ 12)
Interest on drawings = Rs 975
Therefore, the interest on drawings when Gopal withdraws Rs 1,000 at the beginning of every month at the rate of 15% is Rs 975.
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