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Accountancy
Kalkree

Gupta is a partner in a firm. He drew regularly 800 at the end of every month for the six months ending 31st march 2018 .Calculate interest on drawings at 15/ p.a.

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Answer:

Answer:

Annual drawings = ₹ 4,800

Interest on drawings = ₹ 330.00

Given :

Money withdrawn = ₹ 800

In the end of every month

Interest rate = 15 %

To Find :

Annual drawings and Interest on drawing

Solution :

Intrest on drawings = Total amount × Rate × (Average period)/12

Total amount withdrawn =

⇒ 800 × 6

⇒ 4,800

Average period

(12-1)/2 = 11/2 = 5.5

Interest on drawings =

⇒ 4,800 × 15% × 5.5/12  

⇒ 330.00

Interest on drawings = Rs 330.00

Therefore,

Annual drawings = ₹ 4,800 and Interest on drawings = ₹ 330.00

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