partner.
22.) Veeru and Jai are partners sharing profits equally. Veeru drew regularly ? 4,000 in the beginning of
every month for six months ended 30th September, 2020. Calculate the interest on drawings @ 5% pa
for the year ended 31st March, 2021.
4,000 at the end of ever
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Answer:
The interest on drawings @ 5% per annum for the year ended 31st March 2021 will be Rs. 840
Explanation:
When the amount is withdrawn at the beginning of each month:
- Average Period
= No. of months of 1 drawing + No. of month of last drawings
= (6+1) ÷ 2 = 3.5 months.
- Interest on drawing = 5 % p.a.
- Calculation of Interest on Drawing =
⇒ 4000 × 6 × 3.5 ÷ 100
⇒ Rs. 840
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