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easyMCQCUET Accountancy 2022 30 Aug Shift 22026Accountancy
1 mark

When the total amount withdrawn is given but the date of withdrawal is not given then interest on drawings is charged for a period of:

  1. A
    3 months
  2. B
    6 months
  3. C
    9 months
  4. D
    12 months

Solution & Step-by-step Explanation

When the date of withdrawal is not specified, it is assumed that drawings were made evenly throughout the year. Hence, interest is charged for an average period of 6 months.

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When the total amount withdrawn is given but the date of withdrawal is not given then interest on drawings is charged for a period of:
A
3 months
B
6 months
C
9 months
D
12 months

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