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One of the partners in a partnership firm has withdrawn ₹ 9,000 at the end of each quarter, throughout the year. Calculate interest on drawings at the rate of 6% per annum |
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Answer» Number of quarters in a YEAR = 4 Interest drawn per quarter = 9000 Interest drawn in the entire year = 9000 X 4 = 36000 Interest rate = 6% per ANNUM Total interest = 36000 X 6/100 X 4.5/12 = 810 So, interest on drawings at the rate of 6% per annum would be 810 |
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