Multiple Choice Questions on Y is a partner in a firm He withdrew regularly 3 000 at the end of every month for the six months en........... for Commerce 12th Preparation

Back to Main Page

Multiple Choice Questions

Y is a partner in a firm He withdrew regularly 3 000 at the end of every month for the six months en...........

    Download Solution PDF

    Y is a partner in a firm. He withdrew regularly 3,000 at the end of every month for the six months ending 31st March, 2019. If interest on drawings is charged @ 10% p.a. the interest charged will be :

    375

    Correct Answer

    450

    Incorrect Answer

    525

    Incorrect Answer

    900

    Incorrect Answer
    छोटे Courses बड़े Results
    Master
    Prepare through Micro-courses
    Try Now
    Explanation:

    - Ywithdraws 3,000 every month for 6 months.

    - Total withdrawals = 3,000 * 6 = 18,000.

    - Interest rate on drawings = 10% per annum.

    - Average period for calculating interest is = (5+ 0)/2 = 2.5 months (since withdrawals are made at the end of each month).

    - Interest calculation formula: Total Withdrawals * Interest Rate * Average Period / 12.

    - Interest = 18,000 * 10% * 2.5 / 12 = 375

    By: santosh
    ProfileResources

    Let's Discuss

    Master
    With abhipedia
    Micro Courses
    Try Now
    What our students have to say
    Review on us
    Download Abhipedia Android App

    Access to prime resources

    Downlod from playstore
    download android app download android app for free