For which period interest will be charged on partners drawings if date of drawings is not specified but total amount of drawings is given? |
12 months 10 months 3 months 6 months |
6 months |
The correct answer is option 4- 6 months. When the total amount withdrawn is given but the dates of withdrawals are not specified, it is assumed that the amount was withdrawn evenly throughout the year and interest is calculated for 6 months. |