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Tuition > Learn CBSE > X has made the following drawings during 2014-15. Calculate...
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X has made the following drawings during 2014-15. Calculate interest on drawings @90% .

1.Rs. 4000 withdrawn by X on the first day of every month with effect from 1-5-14 for four month

2. From September 2014 he withdraw RS 6000 pm in the middle for each month till December

3. On 1-2-15 he, withdrew RS 10000

4. On 31-3-15 he withdraw RS 5000.

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Experienced and Certified Economics and Commerce teacher with 10 years experience in teaching.

Yes, the interest rest must be 9% to achieve the correct answer,. May be a typing mistake.
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1. As x withdraw on the 1st day, then the average period will be = 4+1/12=15/36 Therefore , interest = 4000×15/36×90/100= 1500 2. The average period will be, =3.5+0.5/12=1/3 Therefore interest=6000*1/3*90/100=1800 3. 2+1/12=1/4 Therefore interest=10000*1/4*90/100=2250 4. 0+0/12=0 Therefore...
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1. As x withdraw on the 1st day, then the average period will be = 4+1/12=15/36 Therefore , interest = 4000×15/36×90/100= 1500 2. The average period will be, =3.5+0.5/12=1/3 Therefore interest=6000*1/3*90/100=1800 3. 2+1/12=1/4 Therefore interest=10000*1/4*90/100=2250 4. 0+0/12=0 Therefore interest=5000*0*90/100=0. read less
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Cost Accountant with Doctorate, 20 years experienced tutor for Accountancy (XI & XII, All boards)

In this because the drawings are of unequal amount and unequal interval, the product method is followed. Drawings Duration Product May-14 4000 11 44000 Jun-14 4000 10 40000 Jul-14 4000 9 36000 Aug-14 4000 8 32000 Sep-14 6000 6.5 39000 Oct-14 6000 5.5 33000 Nov-14 6000 4.5 27000 Dec-14 6000 3.5 21000 Jan-15 ...
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In this because the drawings are of unequal amount and unequal interval, the product method is followed. Drawings Duration Product May-14 4000 11 44000 Jun-14 4000 10 40000 Jul-14 4000 9 36000 Aug-14 4000 8 32000 Sep-14 6000 6.5 39000 Oct-14 6000 5.5 33000 Nov-14 6000 4.5 27000 Dec-14 6000 3.5 21000 Jan-15 0 Feb-15 10000 2 20000 Mar-15 5000 0 0 TOTAL PRODUCT 292000 Interest on Drawings @ 9% p.a. = Total Product * Rate/100*1/12 =292000*9/100*1/12 Interest on Drawings @ 9% p.a for the year 2014-15 is: ₹ 2,190 read less
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Do the things differently with concepts

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Accountancy, Business Studies, Commerce, NISM Cerfication

Few observations- The rates of interest are 90% is not ok. Seems to be your homework. I will not answer, but will surely help you to get the correct answer through the right method. Is your interest is only to solve the numerical? It is one of the right questions to know the fundamentals very clearly...
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Pgt Accountancy and business studies and economics.

It seems like there is a problem in typing the question interest on drawings may be charged @9% and not 90%.
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27 Years' Teaching Experiance M.comTeacher.

90% is a typing mistake. It may be 9%. The basic formula is: Amount of drawings*Rate of interest on drawings*(months from date of drawings to end if the year)*1/12.
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Accountancy, Business Studies, Commerce, NISM Cerfication

When Varying Amounts are Withdrawn at Different Intervals, you need to use product method. Month Amount Months Product May 4000 11 44000 June 4000 10 40000 July 4000 9 36000 August 4000 8 32000 September 6000 6.5 39000 October 6000 5.5 33000 November 6000 4.5 27000 December 6000 3.5 21000 January 0 0 0 February 10000 2 20000 March 5000 0 0 Total ...
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When Varying Amounts are Withdrawn at Different Intervals, you need to use product method. Month Amount Months Product May 4000 11 44000 June 4000 10 40000 July 4000 9 36000 August 4000 8 32000 September 6000 6.5 39000 October 6000 5.5 33000 November 6000 4.5 27000 December 6000 3.5 21000 January 0 0 0 February 10000 2 20000 March 5000 0 0 Total 292000 Interest = Sum of Products × Rate × 1/12 = 2,92,00 x (90/100) x (1/12) = 21,900 Please check the rate of interest; it cannot be 90%. read less
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Wrong question dear. I think the rate of interest is supposed to be 9%. Please do check.
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Harivansh academy Dream to success

interest 9%
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