Gopal is a partner in a frim. He withdraw 1000 per month regularly on the first day of every month during the year ended 31march,2014 for personal expenses. If interest is charged @15% calculate the Interest on the drawing of gopal

Question

Gopal is a partner  in a frim. He withdraw 1000 per month  regularly on the first day of every month  during  the year ended 31march,2014 for personal expenses. If interest is charged @15% calculate the Interest on the drawing of gopal

Answer

1000*12=12000. => 12000*6.5/12 = 6500     => 6500*15/100=975.                             ans is 975

Answer

Calculation of Interest on Drawings of Gopal

Given:

Gopal withdraws Rs.1000 per month regularly on the first day of every month during the year ended 31st March 2014 for personal expenses.

Interest is charged at 15%.

Calculation:

The total amount withdrawn by Gopal during the year = Rs.1000 x 12 = Rs.12,000

The total time period for which the amount was withdrawn = 12 months

The interest charged on the drawings of Gopal can be calculated using the following formula:

Interest on Drawings = (Total amount withdrawn x Rate of interest x Time period) / 100

Substituting the given values, we get:

Interest on Drawings = (12,000 x 15 x 12) / 100 = Rs.21,600

Therefore, the Interest on Drawings of Gopal for the year ended 31st March 2014 is Rs.21,600.

Explanation:

Interest on Drawings is the interest charged by the firm on the amount withdrawn by the partner for personal expenses.

It is calculated by multiplying the total amount withdrawn by the rate of interest and the time period for which the amount was withdrawn and then dividing the result by 100.

In this case, Gopal withdrew Rs.1000 per month regularly for 12 months, which adds up to Rs.12,000 for the entire year.

The rate of interest charged by the firm is 15%.

Using the formula for Interest on Drawings, we can calculate that the interest charged on the drawings of Gopal for the year ended 31st March 2014 is Rs.21,600.

Answer

int. on drawing =12000*15/100*6.5/12=945

Answer

Formula = annual drawings x rate/100 x 13/2 x 1x12=12000 x 15/100 x 13/2 x1/2= 975

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