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The deed charges ten percent interest on drawings. If sixty thousand rupees is withdrawn at the beginning of the year what will be the interest?

Answer and explanation

Correct answer: Six thousand rupees

A withdrawal at the beginning of the year remains outstanding for the full year. Hence ten percent of sixty thousand is six thousand.

Related tags

Interest On DrawingsBeginning Of YearNumericalPartnership DeedPartnership Accounts Basic ConceptsAccountancyClass 12 Mcq

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