If Amit, a partner, withdrew Rs. 10,000 per month in the end, what will be the amount of interest on drawing if it is calculated @ 8\% p.a.? - Accountancy MCQ CUET Accountancy 2022 20 Aug Shift 2 2026 | ExamTest.live

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1 mark

If Amit, a partner, withdrew Rs. 10, 000 per month in the end, what will be the amount of interest on drawing if it is calculated @ 8% p.a.?

Solution & Step-by-step Explanation

Total Drawings = 10, 000 \times 12 = Rs. 1, 20, 000 .When drawings are made at the end of each month, the average period is 5.5 months.Interest = 1, 20, 000 \times \frac{8}{100} \times \frac{5.5}{12} = Rs. 4, 400 .

Try it yourself before checking the explanation above.

If Amit, a partner, withdrew Rs. 10, 000 per month in the end, what will be the amount of interest on drawing if it is calculated @ 8% p.a.?

Rs. 9, 600

Rs. 4, 800

Rs. 5, 200

Rs. 4, 400

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