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29. (Intt. on Drawings) During the year ended 31-3-2017, a partner made the following drawings :April 302,000July 15,000Oct. 314,000March 13,000March 31* 2,000Calculate interest on drawings when it is charged @ 10% p.a.(Ans. 750) |
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Answer» METHODDates Amount(A) No.of months up to 31st march.2108(B) PRODUCTC= A*B 1/5/17 2000 11 22,000 1/8/17 5000 8 40,000 30/9/17 2000 6 12,000 31/1/18 6000 2 12,000 31/3/18 2000 0 0 Total 17000 86,000 Interest on Drawings= 86,000*15%*1/12 =1075 Simple METHOD Date Amount No.of months up to 31st march,2018 [email protected]% 1/5/17 2000 11 275(2000*15%*11/12) 1/8/17 5000 8 500(5000*15%*8/12) 30/9/17 2000 6 150(2000*15%*6/12) 31/1/18 6000 2 150(6000*15%*2/12) 31/3/18 2000 0 0 Total 1075 |
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