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A withdrew ₹10000 on 1 April ₹16000 on 1 August and ₹24000 on 1 December. The year ends on 31 March and the interest rate is 9%. What is the interest on drawings?

Answer and explanation

Correct answer: ₹3150

The amounts carry interest for twelve eight and four months respectively. By product method total interest is ₹3150.

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PartnershipProduct MethodDrawings InterestAdjustmentsPartnership Accounts Basic ConceptsAccountancyClass 12 Mcq

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