Ram is a partner in a firm.He withdrew Rs 2000 per month on the last day of every month during the yedr 2014. If interest on drawings is charged @ 9% p.a the interest charged will be-
/ Rs 990/
Rs1080/
Rs1170/
Rs2160
Answers
Answered by
0
Answer:
Rs 2160 is the answer of the question.
Explanation:
9/100*2000
=180
180*12
=2160
Answered by
1
ANSWER :
❖ Option (a) Rs. 990
- ✎ If Ram is a partner in a firm and he withdrew Rs. 2,000 per month on the last day of every month during the year 2014 and interest on drawings is charged @9% p.a.; then the interest charged on his drawings will be Rs. 990.
________________________________________________________
SOLUTION :
❒ Given :-
- Ram withdrew an amount of Rs. 2,000 on the last day per month during the year 2014.
- Rate of Interest on Drawings to be charged @9% p.a.
❒ To calculate :-
- Interest on Drawings charged to Ram = ?
❒ Required Formula :-
- ✠ When an equal amount is withdrawn on monthly basis as drawings then,
___________________________________________________
❒ Calculation :-
Here,
- Amount of Monthly Drawings Drawings = Rs. 2,000
- Period of time = 1 year = 12 months
Using the formula of Annual Drawings, we get,
- ★ Total Amount of Drawings = Amount of Monthly Drawings × Number of months
➨ Total Amount of Drawings = (Rs. 2,000 × 12)
➨ Total Amount of Drawings = Rs. 24,000
We know that,
- ⊚ When an equal amount is withdrawn at the end of every month throughout the year, interest on Drawings will be calculated on the total amount of drawings in the given rate of interest for 5½ months or 5.5 months.
Now,
- Total Drawings = Rs. 24,000
- Rate of Interest = 9% p.a.
- Time = 5.5 months
Using the formula of Interest on Drawings, we obtain,
- ✪ Interest on Drawings = Total Drawings × Rate of Interest × Time
⇒ Interest on Drawings = Rs. 24,000 × 9% × 5.5 months
⇒ Interest on Drawings =
∴ Interest on Drawings = Rs. 990
Similar questions