Priya and Riya ane partners in a firm Priya withdraw the following
amomunt during the year aola
on 1-2-2019 5000
On-5 - 2019
10000
on 30-6-2019 8000
on 91-10-2019 12000
Interest ondrawing is to be charged at 17. pacalculate interest
on drawing for the year ending 31-12-2019
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Answer:
date। amount time left product
2019
1-2 5000 11 55000
1-5. 10000. 8. 80000
30-6. 8000. 6. 48000
1-10. 12000. 3. 36000
total of product. 219000
Interest on drawing =
total of product × rate × 1/12
= 219000×17/100×1/12
= 3102.5
Explanation:
on 91-10-2019 12000
as it is not clear it is 1st october or 31st october
I assume it 1st october
if it is 31st october then time left 2 months hogs
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