Question

partner withdraw rupees 2000 at the end of every month for 12 month calculate interest on drawings at 6% account are closed on 31st March every year ​

Answer 1

Answer:

Calculation of interest on drawings:

Number of drawings = 6

Amount of each drawing= 4000

Total drawings= 6*4000

= 24000

Number of months= [Time left after 1st drawing + Time left after last drawing]/2

= [6+1]/2

= 3.5 months

Hence,

Interest on drawings= 24000 * 5/100 * 3.5/12

= 350

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