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easyMCQCUET Accountancy 2025 22 May Shift 12026Accountancy
1 mark

When the date of drawing is not specified, interest on drawings is calculated for:

  1. A
    One full year.
  2. B
    6.5 months.
  3. C
    5.5 months.
  4. D
    6 months.

Solution & Step-by-step Explanation

If a partner withdraws money for personal use but the exact dates of drawings are not mentioned or specified in the records, interest on such drawings is computed on an average basis for a standard period of 6 months.

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When the date of drawing is not specified, interest on drawings is calculated for:
A
One full year.
B
6.5 months.
C
5.5 months.
D
6 months.

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