Jayaraman is a partner who withdrew Rs. 10,000 regularly in the middl – InterviewSolution

1.

Jayaraman is a partner who withdrew Rs. 10,000 regularly in the middle of every month. Interest is charged on the drawings at 6% per annum. Calculate interest on drawings for the year ended 31st December 2018.

Answer»

Jayaraman:

Interest on drawings: 10,000 × 12/24 × 6/100 × 12 = Rs. 3600

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