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Interest on drawing

6Oct, 2021

Interest on drawing

Welcome to your Interest on drawing

If a fixed amount is withdrawn on the last day of every quarter of a calendar year, the interest on the total amount of drawings will be calculated for __________.

4.5 months

5.5 months

6 months

6.5 months

Interest on drawings is _________.

Expenditure for the business

Expense for the business

Gain for the business

Loss for the business

Charulata is a partner in a firm. She withdrew ₹10,000 in each quarter during the year ended 31st March, 2019. Interest on her drawings @ 9% p.a. will be:

₹1,350

₹2,250

₹900

₹1,800

A and B are partners. According to Profit and Loss Account, the net profit for the year is ₹2,00,000. The total interest on partner’s drawings is ₹1,000. As salary is ₹40,000 per year and B’s salary is ₹3,000 per month. The net profit as per Profit and Loss Appropriation Account will be :

₹1,23,000

₹1,25,000

₹1,56,000

₹1,58,000