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"
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at a fixed amount at the beginning of each month then calculate interest at given rate for 6.5 months on total amount withdrawn 2.If drawing are made at a fixed amount at the end of each month then calculate interest at given rate for 5.5 months on total amount withdrawn 3.If drawing are made at a fixed amount at the at the middle of each month or when the question says the drawings are made evenly throughout the year then calculate interest at given rate for 6 months on total amount withdrawn Revert back to me if u hv any further doubt Regards, CA Shakuntala Chhangani
CAclubindia
