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.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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