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Question
Sharma and Verma were partners in a firm. The partnership deed provided that interest on partners' drawings will be charged @ 12% per annum. During the year, Sharma withdrew ₹ 6,000. Interest on his drawings will be:
Options
₹ 600
₹ 330
₹ 360
₹ 720
MCQ
Solution
₹ 360
Explanation:
Interest on drawing = `(6000xx12xx6)/(100xx12)`
= ₹ 360
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