X has made the following drawings during 2016-17. Calculate interest on drawings @9% p.a. () 4,000 withdrawn by X on the first day of every month with effect from 1-5-16 for four months (ü) From September, 2016 he withdrew 6,000 pm in the middle of each month till December (iii) On 1-2-17 he withdrew 10,000. (iu) On 31-3-17 he withdrew 5,000.
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Explanation:
(1)4,000 WITHDREW AT THE BEGINNING OF 4 MONTHS
- 4,000×4=16,000
- 16,000×9%×6.5×4/12=3,120
(2)6,000 WITHDREW AT THE MIDDLE OF 4 MONTHS
- 6,000×4=24,000
- 24,000×9%×6×4/12=4,320
(3) On 1-2-17 he withdrew 10,000.
- 10,000×9%×1/12=75
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