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 3000 at the end of each quarter.

Rs 550

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Rs 450

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Rs 650

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None of the above

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Solution

The correct option is B
Rs 450

Interest = Rs 12000 * $\frac{4.5}{12}$ * 10% = Rs 450

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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 3000 at the end of each quarter.

The correct option is B Rs 450 Interest = Rs 12000 * 4.512 * 10% = Rs 450

The correct option is B
Rs 450

Interest = Rs 12000 * $\frac{4.5}{12}$ * 10% = Rs 450