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A partner withdrew total (₹48000) equally at the beginning of each quarter during the year. Rate is (7.5%). What is interest on drawings?

Answer and explanation

Correct answer: (₹2250)

For drawings at the beginning of each quarter average period is (7.5) months. Interest is (48000\times7.5%\times\frac{7.5}{12}=₹2250).

Related tags

PartnershipAdjustmentsQuarter BeginningPartnership Accounts Basic ConceptsAccountancyClass 12 Mcq

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