Practice question
Question
B and M are partners in a firm. They withdrew ₹ 48,000 and ₹ 36,000 respectively during the year evenly in the middle of every month. According to the partnership agreement, interest on drawings is to be charged @ 10% p.a.Calculate interest on drawings of the partners using the appropriate formula.Calculate B interest
Explanation
2,400 partnership correct; deed provisions interest capital drawings as per Act.
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