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Rishi is a partner in a firm. He withdrew the following amounts during the year ended March 31, 2014.

May 01,2013 Rs. 12,000

July 31,2013 Rs. 6,000

September 30, 2013 Rs. 9,000

November 30,2013 Rs. 12,000

January 01, 2014 Rs. 8,000

March 31, 2014 Rs. 7,000 Interest on drawings is charged @ 9% p.a. Calculate interest on drawings

1 Answer

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by (57.2k points)
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Best answer

Product Method

Here the formula will be

Interest on Drawings = Product x \(\frac{Rate}{100}\) x \(\frac{1}{12}\)

= 3,06,000 x 9% x \(\frac{1}{12}\) = 2,295.

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