Ram and Mohan are partners. They draw for personal use ₹ 60,000 and ₹ 40,000 respectively. Interest is chargeable @ 6% p.a. On Drawings. What is the interest on drawings?
Ans – a) Explanation:- Interest on Ram’s Drawings = 60,000 * 6% * 6/12 = ₹ 1800 Interest on Mohan’s Drawings = 40,000 * 6% * 6/12 = ₹ 1200