how would you calculate intrest on drawing of equal amounts drawn on the first day of each month for 5 months
Answers
Answer:
Explanation:
Drawings can be made by any partner on various time and amounts. If drawings are made by a partner of equal amounts on the last day of every month, then interest on his total drawings for a period will be equal to interest on his total drawings for a period of 5.5 months
For Example:- If Rs 5000 is drawn by X at the end of each month (interest on drawings= 10%p.a)
Interest on drawings = 5,000 * 5 1/2 * 10%
= 5,000*5.5/12*10/100
= 229.17
Answer:
Drawings can be made by any partner on various time and amounts. If drawings are made by a partner of equal amounts on the last day of every month, then interest on his total drawings for a period will be equal to interest on his total drawings for a period of 5.5 months
For Example:- If Rs 5000 is drawn by X at the end of each month (interest on drawings= 10%p.a)
Interest on drawings = 5,000 * 5 1/2 * 10%
= 5,000*5.5/12*10/100
= 229.17
THIS IS ONLY AN EXAMPLE TO SHOW HOW TO DO THE CALCULATION.....BY THIS WAY U WILL GET THE ANSWER....