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Equal quarterly drawings of Rs 6000 are made in the middle of each quarter and interest rate is ten percent per annum. What is interest on drawings?

Answer and explanation

Correct answer: Rs 1200

For quarterly drawings in the middle average period is taken as six months. Interest on Rs 24000 at ten percent for six months is Rs 1200.

Related tags

Quarterly DrawingsMiddleInterest CalculationCapital AccountsPartnership Accounts Basic ConceptsAccountancyClass 12 Mcq

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