Question

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$\huge \mathbb\fcolorbox{black}{lavenderblush}{QUESTION : ♡}$



Calculate interest on drawings of Rakesh at 10% p.a. for the year ended 31st March, 2020 in each of the following alternative cases :

CASE 1 : If his drawings during the year where Rs. 30,000.

CASE 2 : If he withdraws Rs. 2,500 per month during the year.

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Answer 1

Case 1. Assuming that drawings were made evenly throughout the year, interest on drawings has been calculated for an average period of 6 months.Interest on Drawings =Rs.30,000×10/100×6/12 =Rs.1,500.

=Rs.1,500.

=Rs.1,500. Case 2. Total Drawings =Rs.2,500×12=Rs.30,000

=Rs.1,500. Case 2. Total Drawings =Rs.2,500×12=Rs.30,000 Interest on Drawings =Rs.30,000× 10/100×6/12=Rs.1,500.

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