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A withdrew Rs 24000 at the end of September and the year ends in March. What is interest on drawings at twelve percent?

Answer and explanation

Correct answer: Rs 1200

From end of September to end of March about five months are counted. Interest on Rs 24000 at twelve percent for five months is Rs 1200.

Related tags

Specific DrawingsInterestTime BasisAdjustmentsPartnership Accounts Basic ConceptsAccountancyClass 12 Mcq

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