A partner withdrew Rs 200,000 for 9 months in a year. What is the interest on drawings at 10% per annum?
Answer and explanation
Correct answer: A. Rs 15,000
- Step 1: Interest = amount x rate x months / 1200.
- Step 2: 200000 x 10 x 9 / 1200 = 15000.
Answer
Rs 15,000.
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