X is a partner in a firm He withdrew regularly rs 1,000 at the beginning of every month for the - Accountancy - Accounting for Partnership Basic Concepts

Question

X is a partner in a firm He withdrew regularly rs 1,000 at the
beginning of every month for the six months ending 31st March 2006
If interest on drawings is charged at 8%p a the interest charged
will be:

Nikhil Sehgal · Accepted Answer

Interest on Drawings = (1,000 ×6)×7/212×8%= Rs 140

X is a partner in a firm.He withdrew regularly rs.1,000 at the beginning of every month for the six months ending 31st March 2006.If interest on drawings is charged at 8%p.a.the interest charged will be: