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12th Class Accountancy Fundamentals of Partnership Question Bank MCQs - Accounting for Partnership Firm : Fundamental

  • question_answer
    A partner withdrew Rs.4,000 per month from 1st July, 2016, on beginning of every month. Accounts are closed at 31st March, 2017. Calculate interest on drawings while rate of interest is 10% per annum.

    A) Rs.1,600              

    B) Rs.1,800

    C) Rs.1,500                

    D) Rs.2,200

    Correct Answer: C

    Solution :

    [c] Rs.1,500
    Interest on Drawings = 4,000 \[\times \] 9 \[\times \frac{10}{100}\times \frac{5}{12}\]= Rs.1500


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