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Dev withdrawal rupees 10000 on 15th …

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Dev withdrawal rupees 10000 on 15th day of every month. Interest on drawing was to be charge@12%p.a. Calculate interest on dev drawing

    • Posted by Saurabh Yadav 5 years, 4 months ago

    CBSE > Class 12 > Accountancy
    • 2 answers

    Jagriti Vishwakarma 5 years, 4 months ago

    If drawings are made in the middle or at any time during the month : Average period = 11.5 +0.5 /2= 6 months Interest on the whole amount will be calculated for 6 months: Interest= 120000×12/100×6/12=7200

    1Thank You

    Gaurav Seth 5 years, 4 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

    1Thank You

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