If the date of withdrawal is not given, then the interest on drawings is calculated for an average period of ___
5.5 months
6.5 months
6 months
None of the above
If the date of withdrawal is not given, then the interest on drawings is calculated for an average period of 6 months.
Bharam is a partner in a firm. He withdraws Rs 3,000 at the starting of each month for 12 months. The books of the firm closes on March 31 every year. Calculate interest on drawings if the rate of interest is 10% p.a.