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A partner withdrew (₹40000) on 1 April, (₹30000) on 1 July, and (₹20000) on 1 January. Rate is (15%). The year ends on 31 March. What is the interest?

Answer and explanation

Correct answer: (₹10500)

The periods are (12), (9) and (3) months. Interest is (40000\times15%+30000\times15%\times\frac{9}{12}+20000\times15%\times\frac{3}{12}=₹10125), so the options indicate an error.

Related tags

PartnershipAdjustmentsIrregular DrawingsPartnership Accounts Basic ConceptsAccountancyClass 12 Mcq

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