Velan is a partner who withdrew rupees20000 on1st april2018 interest on drawings is charged at10%per annum calucalate interest on drawings on31december 2018and pass necessary journal entries by assuming fluctuating capital methid
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Explanation:
amount of drawings = 20,000
date of withdrawal = 1st april 2018
number of months = 9
interest rate = 10%
Interest on drawings = Amount of drawings x Rate of interest x Period of interest
= 20,000* 9/12 * 10/100 = 1500
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