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kailash is a partner in a firm . He withdraw 10000 from the business for personal use during the year ended 31st March 2017 . calculate interest on drawing @12 p.a
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Most Upvoted Answer
kailash is a partner in a firm . He withdraw 10000 from the business f...
To calculate the interest on drawings at 12% per annum for Kailash, we need to know the period for which he had the funds in his personal account. Let's assume that he withdrew the funds on the 1st of April 2016 and returned it to the business on the 31st of March 2017.

The duration of the drawing is 365 days.

Interest on drawings = Drawing x Interest Rate x Time

= 10000 x 0.12 x (365/365)

= 1200

Therefore, the interest on drawings for Kailash at 12% per annum is Rs. 1200.
Community Answer
kailash is a partner in a firm . He withdraw 10000 from the business f...
Int on drawings =10000×12/100×6/12=600
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kailash is a partner in a firm . He withdraw 10000 from the business for personal use during the year ended 31st March 2017 . calculate interest on drawing @12 p.a Related: Interest on drawings & Cases - Partnership Fundamentals, Accountancy - Class 12?
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