Comprehension:A partner withdrew money during the financial year ending March 31, 2020 from his capital account for personal use.The individual amount - CUET Accountancy MCQ CUET Accountancy 2025 13 May Shift 1 2026 | ExamTest.live

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Comprehension:A partner withdrew money during the financial year ending March 31, 2020 from his capital account for personal use.The individual amounts withdrawn were:Rs. 12, 000 on June 01, 2019Rs. 8, 000 on August 31, 2019Rs. 3, 000 on September 30, 2019Rs. 7, 000 on November 30, 2019Rs. 6, 000 on January 31, 2020The rate of interest on drawings is 9% per annum.Question: Calculate interest on drawings specifically for the amount of Rs. 7, 000 withdrawn on November 30, 2019.

Solution & Step-by-step Explanation

* Amount withdrawn = Rs. 7, 000 Date of withdrawal = November 30, 2019Months remaining until financial year end (March 31, 2020) = 4 months (December to March)Interest Rate = 9% p.a. Interest = 7, 000 \times \frac{9}{100} \times \frac{4}{12} = 70 \times 9 \times \frac{1}{3} = 70 \times 3 = Rs. 210

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Comprehension:A partner withdrew money during the financial year ending March 31, 2020 from his capital account for personal use.The individual amounts withdrawn were:Rs. 12, 000 on June 01, 2019Rs. 8, 000 on August 31, 2019Rs. 3, 000 on September 30, 2019Rs. 7, 000 on November 30, 2019Rs. 6, 000 on January 31, 2020The rate of interest on drawings is 9% per annum.Question: Calculate interest on drawings specifically for the amount of Rs. 7, 000 withdrawn on November 30, 2019.

700

630

210

315

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