CALCUTE THE INTEREST ON DRAWINGS OF MR.ADITYA @8% P.A. FOR THE YEAR ENDED 31ST MARCH 2007,IN EACH OF THE

FOLLOWING ALTERNATIVE CASES:

CASE 1-IF WITHDREW RS 5,000 IN THE BEGINNING OF EACH QUARTER.

2-IF HE WITHDREW RS 6,000 AT THE END OF EACH QUATER.

3-IF HE WITHDREW RS 10,000 DURING THE MIDDLE OF EACH QUATER.

Case 1 When drawings are made in the Beginning of each quarter.

Total amount of Drawings = 5,000 × 4 = 20,000

Case 2 When drawings are made in the end of each quarter.

Total amount of Drawings = 6,000 × 4 = 24,000

Case 3 When drawings are made in the middle of each quarter.

Total amount of Drawings = 10,000 × 4 = 40,000

 

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case 1 
total drawings = 5000* 4 = 20000

average period is 7.5 months(12+3/2) 

interest on drawings = 20000*7.5/12*8/100 = 1000 
 
case 2 

total drawings = 6000*4 = 24000

average period = 4;5 months(9+0/2)

interest on drawings = 240000*405/12*8/00= 900

case 3  

total drawings =10000*4 = 40000

average period = 10.5+1.5/2= 6 months 

interest on drawings = 40000*6/12*8/100 = 1600
 

  • 2
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