Question

Nandita and Prabha were partners in a firm. Nandita withdrew ₹ 3,00,000 during the year for personal use. The partnership deed provides for charging interest on drawings @ 10% p.a. Interest on Nandita’s drawings for the year ended 31st March, 2024 will be:

Options

• ₹ 9,000

• ₹ 30,000

• ₹ 18,000

• ₹ 15,000

Answer 1

₹ 15,000

Explanation:

Interest on Nandita’s drawings = `(3,00,000xx10xx6)/(100xx12)`

= ₹ 15,000

In the absence of the date of drawings, interest will be charged for 6 months.