Cherry join as a partner in Mango’s company. As per the partnership deed, interest on drawing is charged at 24% p.a. During the year ended 31st December 2020, he drew as follows:
|
Date |
Rupees |
|
Mar-01 |
5,000 |
|
May 31 |
5,000 |
|
Sep-01 |
5,000 |
|
Nov 30 |
5,000 |
Calculate the amount of interest on drawings
1
Rs. 2,200
2
Rs. 3,300
3
Rs. 4,400
4
Rs. 5,500