Calculate interest on drawings of Shivan

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Target Exam

CUET

Subject

Accountancy

Chapter

Accounting for Partnership

Question:

Calculate interest on drawings of Shivani if she withdraws ₹ 2500 per month during the year at the rate of 10% p.a.

Options:

₹1500

₹2500

₹3000

₹750

Correct Answer:

₹1500

Explanation:

Total Drawings = ₹2500 * 12 =₹ 30000
Interest on drawings = 30000 *10/100*6/12= ₹1500