Question

    A sole proprietor withdrew ₹ 1,00,000 on January 31, 2023 for his personal use from his business. Calculate interest on Drawings @ 12% p.a. for the year 2022-23.

    A ₹ 1,000 Correct Answer Incorrect Answer
    B ₹ 2,000 Correct Answer Incorrect Answer
    C ₹ 3,000 Correct Answer Incorrect Answer
    D ₹ 4,000 Correct Answer Incorrect Answer

    Solution

    Interest for 2 months will be chargeable i.e., for February and March 2023. 100,000*2/12*12% = 2000

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