Question

Nandi is a partner in a firm. He withdrew ₹ ......... per month in the middle of every month during the year ended 31st March, 2024. If interest on drawings is charged @ 8% p.a. and the interest charged is ₹ 1,920, then he withdrew how much amount per month?

Options

• ₹ 1,000 per month

• ₹ 2,000 per month

• ₹ 3,000 per month

• ₹ 4,000 per month

Answer 1

₹ 4,000 per month

Explanation:

Interest on drawings = `"Total drawings" xx "Rate"/100 xx "Time"/12`

1,920 = `"Total drawings" xx 8/100 xx 6/12`

Total drawings = `(1,920 xx 100 xx 12)/(8 xx 6)`

= `(23,04,000)/48`

= ₹ 48,000

Drawings per month = `(48,000)/12`

= ₹ 4,000