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Ram is a partner. He made drawings as follows:
- July1 – Rs.200
- August 1 – Rs.200
- September – 1 Rs.300
- November 1 – Rs.50
- February 1 – Rs.100
If the rate of interest on drawings is 6% and accounts are closed on March 31 the interest on drawings is:
- a)Rs. 29.75
- b)Rs. 35
- c)Rs. 30
- d)Rs. 40
Correct answer is option 'A'. Can you explain this answer?
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Ram is a partner. He made drawings as follows: July1 – Rs.200 Au...
Calculation of Interest on Drawings:
Step 1: Calculate the average of all the drawings made by Ram.
Average = (July + August + September + November + February)/5
= (200+200+300+50+100)/5
= Rs. 170
Step 2: Calculate the time period for which the interest is to be calculated. Here, the accounts are closed on March 31, so we need to calculate the time period from the date of the last drawing to March 31.
Time period = (March 31 - February 1)/365
= 58/365
Step 3: Calculate the interest on drawings using the formula:
Interest on Drawings = Average x Rate of Interest x Time period
= 170 x 6/100 x 58/365
= Rs. 2.97 (approx.)
Step 4: Round off the interest to the nearest rupee.
Interest on Drawings = Rs. 3 (approx.)
Therefore, the correct option is A, i.e., Rs. 29.75 (approx.).
Step 1: Calculate the average of all the drawings made by Ram.
Average = (July + August + September + November + February)/5
= (200+200+300+50+100)/5
= Rs. 170
Step 2: Calculate the time period for which the interest is to be calculated. Here, the accounts are closed on March 31, so we need to calculate the time period from the date of the last drawing to March 31.
Time period = (March 31 - February 1)/365
= 58/365
Step 3: Calculate the interest on drawings using the formula:
Interest on Drawings = Average x Rate of Interest x Time period
= 170 x 6/100 x 58/365
= Rs. 2.97 (approx.)
Step 4: Round off the interest to the nearest rupee.
Interest on Drawings = Rs. 3 (approx.)
Therefore, the correct option is A, i.e., Rs. 29.75 (approx.).
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Ram is a partner. He made drawings as follows: July1 – Rs.200 Au...
In this type of question where drawing are done on different dates and amount are different you can you only product method to calculate drawingSolution A. B. C. D Date. Drawing. Time left after drawing. Product (B*C)1 july. 200. 9. 1800(9*200)1 August. 200. 8. 1600(200*8)1 Sept. 300. 7. 21001 Nov . 50 5. 2501 feb. 100. 2. 200Total. = 5950 Formula Product *rate*1/12
(5950*6%*1/12=29.75)
(5950*6%*1/12=29.75)
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Ram is a partner. He made drawings as follows: July1 – Rs.200 August 1 – Rs.200 September – 1 Rs.300 November 1 – Rs.50 February 1 – Rs.100If the rate of interest on drawings is 6% and accounts are closed on March 31 the interest on drawings is:a)Rs. 29.75b)Rs. 35c)Rs. 30d)Rs. 40Correct answer is option 'A'. Can you explain this answer?
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Ram is a partner. He made drawings as follows: July1 – Rs.200 August 1 – Rs.200 September – 1 Rs.300 November 1 – Rs.50 February 1 – Rs.100If the rate of interest on drawings is 6% and accounts are closed on March 31 the interest on drawings is:a)Rs. 29.75b)Rs. 35c)Rs. 30d)Rs. 40Correct answer is option 'A'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Ram is a partner. He made drawings as follows: July1 – Rs.200 August 1 – Rs.200 September – 1 Rs.300 November 1 – Rs.50 February 1 – Rs.100If the rate of interest on drawings is 6% and accounts are closed on March 31 the interest on drawings is:a)Rs. 29.75b)Rs. 35c)Rs. 30d)Rs. 40Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Ram is a partner. He made drawings as follows: July1 – Rs.200 August 1 – Rs.200 September – 1 Rs.300 November 1 – Rs.50 February 1 – Rs.100If the rate of interest on drawings is 6% and accounts are closed on March 31 the interest on drawings is:a)Rs. 29.75b)Rs. 35c)Rs. 30d)Rs. 40Correct answer is option 'A'. Can you explain this answer?.
Ram is a partner. He made drawings as follows: July1 – Rs.200 August 1 – Rs.200 September – 1 Rs.300 November 1 – Rs.50 February 1 – Rs.100If the rate of interest on drawings is 6% and accounts are closed on March 31 the interest on drawings is:a)Rs. 29.75b)Rs. 35c)Rs. 30d)Rs. 40Correct answer is option 'A'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Ram is a partner. He made drawings as follows: July1 – Rs.200 August 1 – Rs.200 September – 1 Rs.300 November 1 – Rs.50 February 1 – Rs.100If the rate of interest on drawings is 6% and accounts are closed on March 31 the interest on drawings is:a)Rs. 29.75b)Rs. 35c)Rs. 30d)Rs. 40Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Ram is a partner. He made drawings as follows: July1 – Rs.200 August 1 – Rs.200 September – 1 Rs.300 November 1 – Rs.50 February 1 – Rs.100If the rate of interest on drawings is 6% and accounts are closed on March 31 the interest on drawings is:a)Rs. 29.75b)Rs. 35c)Rs. 30d)Rs. 40Correct answer is option 'A'. Can you explain this answer?.
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Ram is a partner. He made drawings as follows: July1 – Rs.200 August 1 – Rs.200 September – 1 Rs.300 November 1 – Rs.50 February 1 – Rs.100If the rate of interest on drawings is 6% and accounts are closed on March 31 the interest on drawings is:a)Rs. 29.75b)Rs. 35c)Rs. 30d)Rs. 40Correct answer is option 'A'. Can you explain this answer?, a detailed solution for Ram is a partner. He made drawings as follows: July1 – Rs.200 August 1 – Rs.200 September – 1 Rs.300 November 1 – Rs.50 February 1 – Rs.100If the rate of interest on drawings is 6% and accounts are closed on March 31 the interest on drawings is:a)Rs. 29.75b)Rs. 35c)Rs. 30d)Rs. 40Correct answer is option 'A'. Can you explain this answer? has been provided alongside types of Ram is a partner. He made drawings as follows: July1 – Rs.200 August 1 – Rs.200 September – 1 Rs.300 November 1 – Rs.50 February 1 – Rs.100If the rate of interest on drawings is 6% and accounts are closed on March 31 the interest on drawings is:a)Rs. 29.75b)Rs. 35c)Rs. 30d)Rs. 40Correct answer is option 'A'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice Ram is a partner. He made drawings as follows: July1 – Rs.200 August 1 – Rs.200 September – 1 Rs.300 November 1 – Rs.50 February 1 – Rs.100If the rate of interest on drawings is 6% and accounts are closed on March 31 the interest on drawings is:a)Rs. 29.75b)Rs. 35c)Rs. 30d)Rs. 40Correct answer is option 'A'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
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