Q.30-32 : Calculate the Interest on Drawings of Ram @10%p.a. for the year ended 31st Dec 2013 in each of the following alternative cases: If his drawings during the year were * 24,000. (a) ₹1,300 (b) ₹1200 (c) ₹1,100 (d)₹1400
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Answer:
Correct option is B Rs 1,650
Step-by-step explanation:
Assuming that the drawings were made evenly throughout the year, the interest on drawings has been calculated for an average period of 6 months.
Interest on Drawings = Total Drawings x Rate/100 x 5.5/12
Interest on Drawings = Rs. 3000 × 12 × 10/100 × 5.5/12
Interest on Drawings = Rs. 1650
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