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Question 17 Chapter 2 – Unimax Class 12 Part 1 – 2021

Question 17Chapter 2 - Unimax Class 12 Part 1 - 2021
Question 17Chapter 2 - Unimax Class 12 Part 1 - 2021

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Question 17 Chapter 2 – Unimax Class 12 Part 1

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17. Ram withdrew Rs. 1500 at the end of each quarter during the year ended 31st March, 2021. Interest on drawings is charged @ 9% per annum. Find out interest on drawings. Also give Journal Entry.

The solution of Question 17 Chapter 2 – Unimax Class 12 Part 1: 

Date of DrawingsAmount (Rs.) WithdrawnMonthsProduct
30th June, 20051500913500
30th Sept., 2005150069000
31st Dec., 2005150034500
31st March, 2006150000
   27,000

Interest on Rs. 27,000 @ 9% p.a. for one month = 27000 x 9% x 1/12
                                                                              = Rs. 202.50

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