X and Y are partners in a firm. They withdrew @ Rs. 1,500 and Rs. 1,000 respectively on 15th day of every month for all the twelve months during 2009. Interest on drawings is chargable @ 10% per annum. What would be the interest on drawings respectively?
A. Rs. 1,800 and Rs. 1,200
B. Rs. 900 and Rs. 600
C. Rs. 18,000 and Rs. 12,000
D. Rs. 150 and Rs. 100
Answer: Option B
This Question Belongs to Commerce >> Accounting
Accounting provides information on
A. Cost and income for managers
B. Company's tax liability for a particular year
C. Financial conditions of an institutions
D. All of the above
The long term assets that have no physical existence but are rights that have value is known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
Patents, Copyrights and Trademarks are
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
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