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Guest
Guest
(Querist)
25 April 2010
IN A PARNERSHIP FIRM HOW IS THE INTEREST ON DRAWING "RATE" CALCULATED .AND PLEASE SAY ME SIR /MADAM HOW TO SEE THIS ANSWER , I M GIVING MY ID-"mundhraankur@gmail.com"
shakuntala chhangani
(Expert)
26 April 2010
Rules of calculating interest on drawing :
1.If drawing are made at a fixed amount at the beginning of each month then calculate interest at given rate for 6.5 months on total amount withdrawn
2.If drawing are made at a fixed amount at the end of each month then calculate interest at given rate for 5.5 months on total amount withdrawn
3.If drawing are made at a fixed amount at the at the middle of each month or when the question says the drawings are made evenly throughout the year then calculate interest at given rate for 6 months on total amount withdrawn
Revert back to me if u hv any further doubt
Regards, CA Shakuntala Chhangani
1.If drawing are made at a fixed amount at the beginning of each month then calculate interest at given rate for 6.5 months on total amount withdrawn
2.If drawing are made at a fixed amount at the end of each month then calculate interest at given rate for 5.5 months on total amount withdrawn
3.If drawing are made at a fixed amount at the at the middle of each month or when the question says the drawings are made evenly throughout the year then calculate interest at given rate for 6 months on total amount withdrawn
Revert back to me if u hv any further doubt
Regards, CA Shakuntala Chhangani
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