Q. 91. Calculate the interest on Drawings of Tarun @ 8% pa. for the year ended 31st
March, 2018 in each of the following alternative cases :.
Case (a) if his drawings during the year were 360,000;
Case (b) if he withdrew 35,000 p.m. in the beginning of every month;
Case (c) if he withdrew 35,000 p.m. at the end of every month;
Case (d) if he withdrew 35,000 p.m. during the year,
Case (e) if he withdrew the following amounts as under:
2017 June 1 210.000; Aug. 31 312,000; Nov. 1 316,000; Dec.31 213,000: Feb 1,
2018 39,000
Answers
Answer:
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Explanation:
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Explanation:
Total drawings= 7500 * 4
=30000
Rate= 10%
Case 1: If he withdrew 7500 in the beginning of each quarter-
Note: When equal amount of drawings is withdrawn at the beginning of each quarter, interest is calculated for a period of 7.5 months.
Hence,
Interest on drawings= 30000 * 10/100 * 7.5/12
= 1875
Case 2: If he withdrew 7500 at the end of each quarter-
Note: When equal amount of drawings is withdrawn at the end of each quarter, interest is calculated for a period of 4.5 months.
Hence,
Interest on drawings= 30000 * 10/100 * 4.5/12
= 1125
Case 3: If he withdrew 7500 during the middle of each quarter-
Note: When equal amount of drawings is withdrawn during the middle of each quarter, interest is calculated for a period of 6 months.
Hence,
Interest on drawings= 30000 * 6/12 * 10/100
= 1500