Question

komal is a partner in a firm she withdraw 15000 at the end of each quarter during the year ended 31st March 2021 interest on drawings @12% per annum will be.
1. 7200. 3. 2700
2. 1800. 4. 5625
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Answer 1

Explanation:

Solution :

Komal withdraw Rs. 15,000 at the end of each quarter :

Total amount = 15,000 × 4

= 60,000

Total amount = Rs. 60,000

Average Period = 4.5

Total amount = Rs. 60,000

Interest rate = 12% per annum

Interest on drawings = ??

• Interest on drawings = Total amount of drawings × (Rate of interest/100) × (Average Period/12)

= 60,000 × (12/100) × (4.5/12)

= 2,700

Interest on drawings = Rs. 2,700

Hence, Option (3). 2700

Interest on drawings will be Rs. 2,700