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Equal monthly drawings of Rs 5000 are made at the beginning of each month and interest rate is ten percent per annum. What is interest on drawings?

Answer and explanation

Correct answer: Rs 3250

For monthly drawings at the beginning average period is six and half months. Interest on Rs 60000 at ten percent for six and half months is Rs 3250.

Related tags

Monthly DrawingsBeginningAverage PeriodCapital AccountsPartnership Accounts Basic ConceptsAccountancyClass 12 Mcq

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