Calculation of interest on drawing in partner ship accounting
There are four latest method apply , if any body withdraws any fund or cash for personal use from his firm .
1.If any partner withdraws every month in the first day the he will pay to firm @ given rate for 6.5 months
2.If any partner withdraws every month in the middle of month , he will pay interest on drawing @ given rate for 6 months
3.If any partner withdraws every month in the end of month , he will pay interest on drawing @ given rate for 5.5 months
4.If any partner does not withdraw every month then his withdrawing month usage product will be calculated
suppose if he withdraw Rs.5000 in first of march then he will calculate product of
5000X10 =50000
after calculating product he calculate his payable interest on drawing @ given rate
= amount of product X R/100 X 1/12
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