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Question
Charulata is a partner in a firm. She withdrew ₹ 10,000 in each quarter during the year ended 31st March, 2024. Interest on her drawings @ 9% p.a. will be ______.
Options
₹ 1,350
₹ 2,250
₹ 900
₹ 1,800
MCQ
Fill in the Blanks
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Solution
Charulata is a partner in a firm. She withdrew ₹ 10,000 in each quarter during the year ended 31st March, 2024. Interest on her drawings @ 9% p.a. will be ₹ 1,800.
Explanation:
Charlata withdrew ₹ 10,000 in each quarter during the year.
Total withdrawal = 10,000 × 4
= ₹ 40,000
Since the time of withdrawal is not specified, it is assumed that the drawings were made in the middle of each quarter. Therefore, the average period is 6 months.
Interest on drawings = `40,000 xx 9/100 xx 6/12`
= ₹ 1,800
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