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easyMCQCUET Accountancy 2025 2 June Shift 22026CUET Accountancy
1 mark

When the exact date of a partner's drawings is not specified in the records, interest on drawings is calculated for an average period of:

  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 drawings are made throughout the financial period but individual transaction dates are missing, accounting guidelines assume the drawings were made uniformly mid-period. Therefore, interest is calculated for an average duration of .

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When the exact date of a partner's drawings is not specified in the records, interest on drawings is calculated for an average period of:
A
One full year.
B
6.5 months.
C
5.5 months.
D
6 months.

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