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Dev withdrew 10,000 on 15th day …

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Dev withdrew 10,000 on 15th day of every month. Interest on drawings was to be charged @12%per annum.Calculate interest on Dev's Drawings

    • Posted by Gourav Sharma 5 years, 6 months ago

    CBSE > Class 12 > Accountancy
    • 2 answers

    Adithya Joseph 5 years, 6 months ago

    Solution: Total drawing: 120000 Interest: 12% Time: 6 months 12000 x 12\100 x 6/12 = ₹ 7200

    0Thank You

    Gaurav Seth 5 years, 6 months ago

    Explanation:

    when the drawings are are made in the middle or at any time during the month, interest on whole amount will be calculated for 6 months.

    Formula :

    First we need to calculate the average period:

    Average Period =(Time left after first drawing+Time left after last drawing) /2

    Average period=  months

    Now we will calculate the interest on drawing:

    Interest = 

    Interest = 600

    0Thank You

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