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Bhaskar is a partner in a firm. He withdrew ₹6000 in the beginning of each month for 12 months. The books of the firm close on 31st March every year. Calculate interest on drawings if the rate of interest is 10%p.a
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Bhaskar is a partner in a firm. He withdrew ₹6000 in the beginning of...
Calculation of Interest on Drawings
Given:
- Bhaskar withdrew ₹6000 in the beginning of each month for 12 months.
- The rate of interest is 10% p.a.
- The books of the firm close on 31st March every year.
To calculate the interest on drawings, we need to follow the following steps:
Step 1: Calculate the total amount of drawings made by Bhaskar.
Total Drawings = ₹6000 x 12 = ₹72000
Step 2: Calculate the time period for which the drawings were made.
The drawings were made for 12 months, starting from April and ending in March.
Time period = 12 months
Step 3: Calculate the average amount of drawings.
Average Drawings = Total Drawings / Time period
= ₹72000 / 12
= ₹6000
Step 4: Calculate the interest on drawings.
Interest on Drawings = Average Drawings x Rate of Interest
= ₹6000 x 10% p.a.
= ₹600
Therefore, the interest on drawings made by Bhaskar is ₹600.
Given:
- Bhaskar withdrew ₹6000 in the beginning of each month for 12 months.
- The rate of interest is 10% p.a.
- The books of the firm close on 31st March every year.
To calculate the interest on drawings, we need to follow the following steps:
Step 1: Calculate the total amount of drawings made by Bhaskar.
Total Drawings = ₹6000 x 12 = ₹72000
Step 2: Calculate the time period for which the drawings were made.
The drawings were made for 12 months, starting from April and ending in March.
Time period = 12 months
Step 3: Calculate the average amount of drawings.
Average Drawings = Total Drawings / Time period
= ₹72000 / 12
= ₹6000
Step 4: Calculate the interest on drawings.
Interest on Drawings = Average Drawings x Rate of Interest
= ₹6000 x 10% p.a.
= ₹600
Therefore, the interest on drawings made by Bhaskar is ₹600.
Community Answer
Bhaskar is a partner in a firm. He withdrew ₹6000 in the beginning of...
If he withdrew in the beginning of every month so time period is 6.5 months(12+1÷2)
rate of intrest is 10%
hence,
6000×6.5÷12×10÷100=325
rate of intrest is 10%
hence,
6000×6.5÷12×10÷100=325
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