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Question
Bipasa is a partner in a firm. She withdrew ₹ 6,000 at the end of each quarter during the year ended 31st March, 2024. Interest on her drawings @ 10% p.a. will be ______.
Options
₹ 900
₹ 600
₹ 1,500
₹ 1,200
MCQ
Fill in the Blanks
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Solution
Bipasa is a partner in a firm. She withdrew ₹ 6,000 at the end of each quarter during the year ended 31st March, 2024. Interest on her drawings @ 10% p.a. will be ₹ 900.
Explanation:
Bipasa withdrew ₹ 6,000 at the end of each quarter during the year.
Total withdrawal = 6,000 × 4
= ₹ 24,000
Since drawings are made at the end of each quarter, the average period is 4.5 months.
Interest on drawings = `24,000 xx 10/100 xx 4.5/12`
= ₹ 900
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