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A and B are partners sharing …

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A and B are partners sharing profits equally. A drew regularly 4,000 in the beginning of every month for six months ended 30th September, 2022. Calculate interest on drawings @ 5% p.a. for a period of six months.

Posted by Angelina Joan 2 years, 4 months ago

CBSE > Class 12 > Accountancy

1 answers

Preeti Dabral 2 years, 4 months ago

Calculation of interest on drawings:
Total drawings = 6 $\times$ 4000 = 24000
Number of months = $[\text {Time left after 1st drawing + Time left after last drawing}] \over 2$
= $[6+1] \over 2$ = 3.5 months
Hence, Interest on drawings = 24,000 $\times$ $5 \over 100$ $\times$ $3.5 \over 12$ = 350

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