Ram and Syam are partners sharing profits/losses equally. Ram withdrew Rs. 1,000 p.m. regularly on the first day of every month during the year 2006-07 for personal expenses. If interest on drawings is charged @ 5% p.a. Calculate interest on the drawings of Ram.
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Answer:
annual drawing = 1000*12= 12000
average period =
time left after ist drawing ,+ time left after last drawing/2
average period= 12+1/2= 6.5 month
interest on drawing= amount * rate * average period
= 12000*5/100*6.5/12
= 325
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