CUET Accountancy - M and N are partners in a firm and agree that an interest @12% per annum should be charged on drawings. M draws Rs. 20,000 per month at the beginning of each month. The amount of interest to be charged from M is: | PYQs + Solutions

CUET Accountancy 2025 22 May Shift 1

Partnership

Medium

common

Rs. 14,400

Rs. 13,200

Rs. 15,600

Rs. 15,200

✅ Correct Option: 3

Related questions:

29 May Shift 2

The steps followed for calculating interest on drawing in the product method are.

(A) Calculate number of month for which interest is due on each drawing

(B) List down amount of drawing in decending order in a table..

(D) Calculate product for each drawing by multiplying amount and number of month.

Choose the correct answer from the options given below:

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The Profit and Loss Appropriation Account is merely an extension of the Profit and Loss Account of the firm, which, among the following, is not shown in the Profit and Loss Appropriation Account?

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Aashish withdrew Rs. 10,000 per month from the firm for his personal use during the year ending March 31, 2017. Calculate the interest on drawings, which is charged @8% p.a., when the amount is withdrawn at the beginning of each month .

CUET Accountancy 2025 22 May Shift 1 PYQs

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