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Chaithanya and Sandra are partners in a firm, sharing profits and losses equally. During the financial year 2017-18, Sandra withdraw Rs 20,000 quarterly on the beginning of each quarter. Find out the interest on drawings @ 8% p.a.?
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Chaithanya and Sandra are partners in a firm, sharing profits and loss...
Calculation of Interest on Drawings
Step 1: Calculate the total amount of Sandra's drawings for the financial year 2017-18.
Sandra withdraws Rs 20,000 every quarter, so her total drawings for the year would be:
Rs 20,000 x 4 quarters = Rs 80,000
Step 2: Calculate the average amount of Sandra's drawings.
To calculate the average amount of Sandra's drawings, we divide the total amount of her drawings by the number of quarters in the financial year:
Rs 80,000 ÷ 4 quarters = Rs 20,000
Step 3: Calculate the interest on Sandra's average drawings at 8% p.a.
To calculate the interest on Sandra's average drawings, we multiply the average amount of her drawings by the rate of interest and the time period:
Interest = Average Drawings x Rate of Interest x Time Period
Here, the rate of interest is 8% p.a. and the time period is one year.
Interest = Rs 20,000 x 8/100 x 1 = Rs 1,600
Therefore, the interest on Sandra's drawings at 8% p.a. for the financial year 2017-18 is Rs 1,600.
Step 1: Calculate the total amount of Sandra's drawings for the financial year 2017-18.
Sandra withdraws Rs 20,000 every quarter, so her total drawings for the year would be:
Rs 20,000 x 4 quarters = Rs 80,000
Step 2: Calculate the average amount of Sandra's drawings.
To calculate the average amount of Sandra's drawings, we divide the total amount of her drawings by the number of quarters in the financial year:
Rs 80,000 ÷ 4 quarters = Rs 20,000
Step 3: Calculate the interest on Sandra's average drawings at 8% p.a.
To calculate the interest on Sandra's average drawings, we multiply the average amount of her drawings by the rate of interest and the time period:
Interest = Average Drawings x Rate of Interest x Time Period
Here, the rate of interest is 8% p.a. and the time period is one year.
Interest = Rs 20,000 x 8/100 x 1 = Rs 1,600
Therefore, the interest on Sandra's drawings at 8% p.a. for the financial year 2017-18 is Rs 1,600.
Community Answer
Chaithanya and Sandra are partners in a firm, sharing profits and loss...
80000×8/100×7.5×12= Rs 4,000
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Chaithanya and Sandra are partners in a firm, sharing profits and losses equally. During the financial year 2017-18, Sandra withdraw Rs 20,000 quarterly on the beginning of each quarter. Find out the interest on drawings @ 8% p.a.?
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