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Calculate intrest on drawings of ram …

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Calculate intrest on drawings of ram @10%p.a for the year ended 31st march 2012. If ram withdraw drawings Rs. 2000 p.m in the beginning of every month

Posted by Mayank Jain 5 years, 5 months ago

CBSE > Class 12 > Accountancy

2 answers

Aaiman Farhin 5 years, 5 months ago

Average period= period for which last drawing was made+ period for which first drawing was made/2 = 12+1/2 = 6.5 So, interest on drawing= 2000×12×6.5/100×10/100 =1300

Aanchal Gupta 5 years, 5 months ago

Assuming that the drawings were made evenly throughout the year, the interest on drawings has been calculated for an average period of 6 months. Interest on drawings = total drawings × rate 100×5.5/12 Interest on drawings =rs.2000×12×10/100×5.5/12 Interest on drawings =rs.1,100

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