Partner X, withdrew Rs.3,000 per month during 2019. Interest on drawings is charged @ 9% per
annum. Find out interest, if drawings were made on the 1st day of every month.
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3000×12
= 36000
1 month rate = 9%
12 month rate = 9×12
=108%
108% of 36000
= 108/100×36000
=38880/-
hence the interest is 38880/-
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Explanation:
Partner X, withdrew Rs.3,000 per month during 2019. Interest on drawings is charged @ 9% per
annum. Find out interest, if drawings were made on the 1st day of every month.
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