Calculate interest on drawings of Mr. Siddhant @ 10% p.a. for the year ended 31st March, 2018 in each of the following alternative cases: Case 1. If he withdrew Rs.6,000 in the beginning of each quarter. Case 2. If he withdrew Rs.6,000 at the end of each quarter: Case 3. If he withdrew Rs.9,000 in the middle of each quarter.
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Solution
Total Drawings in Cases 1 and 2 =Rs.6,000×4=Rs.24,000; Total Drawings in Case 3 =Rs.9,000×4=Rs.36,000.