Question

Q;
When the dates of drawings are not given, Interest on drawings is calculated on the total amount of drawings for a period of –



a) 5.5 months

b) 6.5 months

c) 6 months

d) 5 months

​

Answer 1

Explanation:

Interest on drawings can be computed by following either direct method or product method. Also if the partners withdraw fixed amount at fixed time interval, interest on drawings may be calculated on the basis of the average period method. Based on the dates of drawings and the amount of drawings, different methods can be followed for calculating interest on drawings.

Answer 2

Answer:

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