Question

Mr. Arun, a partner withdraws a equal amount at the end of every month and interest is

charged on drawings @ 9% p.a.. If interest on drawings for the year amounts to Rs.4950

then the amount of the drawings at the end of each month must be Rs……​

Answer 1

Answer:

interest on drawing = amount × 5.5/12×9/100

4950. = amount × 5.5/12×9/100

amount =. 4950×12/5.5×100/9

=. 4950× 1200/5.5× 9

= 5940000/49.5

= 120000

annual drawing = 120000

amount withdraw at the end of each month = 120000/12 = 10000

Answer 2

Explanation:

interest on drawing = total drawings× rate of interest /100× average period /12

4950=total drawings ×9/100/5.5/12

total drawings= 4950×100×120/9×55

=59400000/495

=120000

amt. of drawing at the end of each month = 120000/12

=10000