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A withdrew (₹15000) on 1 May, (₹25000) on 1 September and (₹10000) on 1 February. The year ends on 31 March and rate is (12%). What is the interest?

Answer and explanation

Correct answer: (₹2700)

The periods are (11), (7) and (2) months. Interest is (15000\times12%\times\frac{11}{12}+25000\times12%\times\frac{7}{12}+10000\times12%\times\frac{2}{12}=₹2700).

Related tags

PartnershipAdjustmentsIrregular DrawingsPartnership Accounts Basic ConceptsAccountancyClass 12 Mcq

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