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Question

is interest on drawings for R, if he withdrew Rs6,000 at the beginning of each quarter & interest chargead at 10% p.a. for the year ended 31st March.

A
Rs. 1,200
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B
Rs. 700
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C
Rs. 900
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D
Rs. 1,500
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Solution

The correct option is D Rs. 1,500
Interest on drawings
= Rs 6,000 *4 * (Time left after the first drawing + Time left after the last drawing, the whole divided by 2) /12* 10% = Rs. 6,000 *4 * ( 12+32 ) * ( 112 ) * 10%
= Rs. 1,500
Rs. 1,500 is the amount of interest on drawings for R, if he withdrew Rs.6,000 at the beginning of each quarter & interest chargead at 10% p.a. for the year ended 31st March.

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