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Question
On 1st August, 2024 Tom, Jerry and Tyke entered into partnership with capitals of ₹ 5,00,000 each. Interest on Drawings was to be charged @ 6% p.a. For the year ended March 31, 2025, Tyke withdrew ₹ 80,000. What amount of interest on drawings will be charged from Tyke?
Options
₹ 4,800
₹ 1,600
₹ 3,200
₹ 2,400
MCQ
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Solution
₹ 2,400
Explanation:
Total Drawing = ₹ 80,000
Rate of Interest = 6% p.a.
Time = 6 months (or 6/12 year)
Interest on Drawings:
= `80000 xx 6/100 xx 6/12`
= 80000 × 0.06 × 0.5
= 80000 × 0.03
= ₹ 2,400
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