Question : When drawings are made at the end of every month of certain amount, then interest will be calculated on total drawings for:
Option 1: 6.5 months
Option 2: 6 months
Option 3: 5.5 months
Option 4: 1 month
Correct Answer: 5.5 months
Solution : Time period = (Time left after 1st drawing + Time left after last drawing)/2 = (11 + 0)/2 = 11/2 = 5.5 months. Hence, the correct option is 3.
Question : What time would be taken into consideration if monthly amount is drawn as drawings at the beginning of each month?
Question : Which of the following is an appropriation of profit?
Question : Current Account of the partners should be opened when capital are:
Question : Interest on partner's drawings is credited to:
Question : A partner, Gaurav, withdrew Rs.12,000 in the beginning of the each quarter during the year. Interest on drawings @ 8% chargeable to him will be:
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