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Question
In a partnership firm, a partner withdrew ₹ 5,000 per month on the first day of every month during the year for personal expenses. If interest on drawings is charged @ 6% p.a., the interest charged will be ______.
Options
₹ 3,600
₹ 1,950
₹ 1,800
₹ 1,650
MCQ
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Solution
In a partnership firm, a partner withdrew ₹ 5,000 per month on the first day of every month during the year for personal expenses. If interest on drawings is charged @ 6% p.a., the interest charged will be ₹ 1,950.
Explanation:
The partner withdrew ₹ 5,000 on the first day of every month.
Total drawings = ₹ 5,000 × 12 = ₹ 60,000
Average Period = `("Months in the year" + 1)/2`
= `(12 + 1)/2`
= 6.5 months
Interest on drawings = `60,000 xx 6/100 xx 6.5/12`
= ₹ 1,950
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