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A partner withdrew (₹20000) at the beginning of each half year. Rate is (10%) per annum. What is interest on drawings?

Answer and explanation

Correct answer: (₹3000)

The first withdrawal is for (12) months and the second for (6) months. Interest is (20000\times10%+20000\times10%\times\frac{6}{12}=₹3000).

Related tags

PartnershipAdjustmentsHalf Yearly DrawingsPartnership Accounts Basic ConceptsAccountancyClass 12 Mcq

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