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

  • question_answer
    A partner draws Rs.2,000 each in 1st April 2018, 1st July 2018, 1st October 2018 and 1st January 2019. For the year ended 31st March, 2019 interest on drawings @ 8% per annum will be:

    A) Rs.540                          

    B) Rs.320     

    C) Rs.960                          

    D) Rs.400

    Correct Answer: D

    Solution :

    [d] Rs.400
    Drawings (Rs.) Date Months Produce (Rs.)
    2,000 1 April 2018 12 24,000
    2,000 1 July, 2018 9 18,000
    2,000 1Oct. 2018 6 12,000
    2,000 1 Jan. 2019 3 6,000
    Total 60,000
    Interest on Drawings = 60,000 \[\times \frac{8}{100}\times \frac{1}{12}\]= Rs.400
     


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