Question:
Sheena’s interest on drawings will be:
Sheena’s interest on drawings will be:
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Interest on drawings is calculated based on the amount withdrawn by the partner and the interest rate specified in the partnership deed.
Updated On: Jan 18, 2025
- ₹ 5,000
- ₹ 4,000
- ₹ 3,000
- ₹ 2,000
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The Correct Option is D
Solution and Explanation
Interest on drawings is charged at 10\% p.a. for the amount withdrawn. For Sheena, the amount of interest on her drawings is calculated as:
\[
\text{Interest on drawings} = 20,000 \times 10\% = ₹ 2,000
\]
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