Raman & Baban Are partner's in a firm raman withdraws rs 2,000 per month for his @ 10% per annum . Calculate the interest on Raman's Drawings , if the drawing is made -
( a ) in the beginning of the month
( b ) at the end of the month
( c ) in the middle of the month
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Calculation of interest on drawings:
Number of drawings = 6
Amount of each drawing= 4000
Total drawings= 6*4000
= 24000
Number of months= [Time left after 1st drawing + Time left after last drawing]/2
= [6+1]/2
= 3.5 months
Hence,
Interest on drawings= 24000 * 5/100 * 3.5/12
= 350.
Hope it solve your doubt
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