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Home Questions MGXKCMZJGE
Target Exam

CUET

Subject

Accountancy

Chapter

Accounting for Partnership

Question:

Calculate interest on drawings of a partner at the rate of 15% per annum if he withdrew ₹10000 per month at the end of each month.

Options:

₹8250

₹8350

₹8200

₹8300

Correct Answer:

₹8250

Explanation:

Total amount of drawings = 10000*12 = ₹120000
Average period of drawings = (11+0) months/2 = 5.5
So, interest on drawings = ₹120000*15/100*5.5/12 =₹8250

CUET Questions