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Question 13 Chapter 2 - Unimax Class 12 Part 1
13. Partners X, withdrew Rs. 3000 per month during 2021. Interest on drawings is charged@ 9% per annum. Find out interest, if :
(a) Drawings were made on the 1st day of every month.
(b) Drawings were made on the last day of every month.
(c) Drawings were made on the middle of every month.
The solution of Question 13 Chapter 2 - Unimax Class 12 Part 1:
When drawings were made on 1st day of every month
Total Drawings = Rs. 3000 x 12 = Rs. 36,000
Interest on Drawings = Rs. 36000 x 9% x 13/24
= Rs. 1755
(2) When drawings were made on last day of every month
Interest on Drawings = Rs. 36000 x 9% x 11/24
= Rs. 1485
(3) When drawings were made on middle of every month
Interest on Drawings = Rs. 36000 x 9% x 12/24
= Rs. 1620
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What is Partnership – Meaning and its Types
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Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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