CUET Preparation Today
| Partnership firm and partners are considered separate from each other. when partners withdraw money from business for their personal use, then the term used for such withdrawal of money is termed as Drawings. Since drawing is a type of loan, provided to the partners and they have to pay interest on the amount withdrawn from the firm, which is known as interest on drawings. |
| If the date of drawings of the partner is not given in the question, interest is charged for how much time? |
2 months 6 months 3 months 12 months |
| 6 months |
| when date of drawings is not mentioned, then interest will be charged for 6 months. |
