Mohan draws ₹ 10,000 p.m. on the last day of every month for his personal use. If interest is to be charged @ 5% p.a., interest chargeable from him in the accounting year will be
Mohan draws ₹ 10,000 p.m. on the last day of every month for his personal use. If interest is to be charged @ 5% p.a., interest chargeable from him in the accounting year will be
a) ₹ 3,250
b) ₹ 2,750
c) ₹ 3,000
d) ₹ 3,500
Anurag Pathak Changed status to publish April 9, 2023
Ans – b)
Explanation:-
Average Month = 11 + 0/2 = 5.5 Months
Interest on Mohan’s Drawings = 10000 * 12 * 5% * 5.5/12 = ₹ 2750
Anurag Pathak Changed status to publish April 4, 2023
