Amit, a partner in a partnership firm, withdrew ₹ 7,000 at the beginning of each quarter. For how many months would interest on drawings be charged?
Amit, a partner in a partnership firm, withdrew ₹ 7,000 at the beginning of each quarter. For how many months would interest on drawings be charged?
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Average Months in case of drawings withdrawn at the beginning of each quarter.
12 + 3/2 = 7.5 Months.
Interest on Amit’s drawing would be as follows:-
7000 * 4 * rate of interest * 7.5/12 =
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