Multiple Choice Questions on Vikas is a partner in a firm His drawings during the year ended 31st March 2019 were 72 000 If inter........... for Commerce 12th Preparation

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Multiple Choice Questions

Vikas is a partner in a firm His drawings during the year ended 31st March 2019 were 72 000 If inter...........

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    Vikas is a partner in a firm. His drawings during the year ended 31st March, 2019 were 72,000. If interest on drawings is charged @ 9% p.a. the interest charged will be :

    324

    Incorrect Answer

    3,240

    Correct Answer

    6,480

    Incorrect Answer

    648

    Incorrect Answer
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    Explanation:

    - Vikas made drawings of 72,000 during the year.

    - The firm charges interest at 9% per annum on drawings.

    - To find the interest charged, calculate 9% of 72,000 x 6/12.

    - Interest is calculated as:  72,000 x 9/100 x 6/12 = 3240.

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