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Question
Anuradha is a partner in a firm. She withdrew ₹ 6,000 in the beginning of each quarter during the year ended 31st March, 2024. Interest on her drawings @ 10% p.a. will be ______.
Options
₹ 900
₹ 1,200
₹ 1,500
₹ 600
MCQ
Fill in the Blanks
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Solution
Anuradha is a partner in a firm. She withdrew ₹ 6,000 in the beginning of each quarter during the year ended 31st March, 2024. Interest on her drawings @ 10% p.a. will be ₹ 1,500.
Explanation:
Anuradha withdrew ₹ 6,000 at the beginning of each quarter.
Total withdrawal = 6,000 × 4
= ₹ 24,000
Since withdrawals are made at the beginning of each quarter, the average period is 7.5 months (i.e., `7.5/12` years).
Interest on drawings = `24,000 xx 10/100 xx 7.5/12`
= ₹ 1,500
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