Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Harish is a partner in a firm. He withdrew the following amounts during the year 2017: May 1- August 1 - September 30- January

 

Harish is a partner in a firm. He withdrew the following amounts during the year 2017: May 1- August 1 - September 30- January 31 - March 31- 4,000 10,000 4,000 12,000 4,000 Interest on drawings is to be charged @ 7.5% p.a. Calculate the amount of interest to be charged on Harish's drawing for the year ending March 31, 2018.

Step by Step Solution

3.38 Rating (154 Votes )

There are 3 Steps involved in it

Step: 1

Date No of months till Workings Total May 1 11 months 4000 x 1112 x 7512 RS275 Augu... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Brock Biology of Microorganisms

Authors: Michael Madigan, John Martinko, Kelly Bender, Daniel Buckley

14th edition

978-0-321-8970, 321897390, 0-321-89707-2, 978-0321897398

More Books

Students also viewed these Accounting questions

Question

How is Nanoarchaeum similar to other Archaea? How does it differ?

Answered: 1 week ago