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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Dev withdrew ₹10,000 on the 15th day of every month. Interest on drawings was to be charged @ 12% per annum. Calculate the interest on Dev’s drawings. (CBSE 2019)
Total drawings = ₹10,000 × 12 = ₹1,20,000. As the amount is withdrawn on the 15th (middle) of every month, interest is charged for an average period of 6 months.
Interest on Dev’s drawings = ₹1,20,000 × 12/100 × 6/12 = ₹7,200.
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.
This guide covers "T.S. Grewal Class 12 Chapter 1 Q.38 - Accounting for Partnership Firm Fundamentals", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Chapter 1 - Accounting for Partnership Firm – Fundamentals.
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