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Question
Jayaraman is a partner who withdrew ₹ 10,000 regularly in the middle of every month. Interest is charged on the drawings at 6% per annum. Calculate interest on drawings for the year ended 31st December, 2018.
Solution
Interest on Drawings = `10,000 xx 12/24 xx 6/100 xx 12`
= ₹ 3,600
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