What is the amount of Interest on drawings for Mr. X at 10% p.a. for the Year ended 31st March 2018, if he withdrew Rs 1000 in the beginning of each month.

Rs 550

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Rs 120

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Rs 650

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None of the above

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Solution

The correct option is C
Rs 650

Interest = Rs 12,000 * $\frac{6.5}{12}$ * 10% = Rs 650.

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What is the amount of Interest on drawings for Mr. X at 10% p.a. for the Year ended 31st March 2018, if he withdrew Rs 1000 in the beginning of each month.

The correct option is C Rs 650 Interest = Rs 12,000 * 6.512 * 10% = Rs 650.

The correct option is C
Rs 650

Interest = Rs 12,000 * $\frac{6.5}{12}$ * 10% = Rs 650.