Question

Seema and Tina are partners in a firm. Interest on drawings is charged @ 10% p.a. You are required to calculate the amount of drawings of each partner in the following cases:

1. Seema withdrew a fixed amount in the beginning of each month and interest on drawings is ₹ 3,900.
2. Tina withdrew a fixed amount in the beginning of each quarter and interest on drawings is ₹ 6,000.

Answer 1

(i) Seema's Drawings

Given:

Interest on Drawings = ₹ 3,900

Rate = 10% p.a.

Drawings are made at the beginning of every month.

For monthly drawings at the beginning of each month, the average period = 6.5 months.

Let the monthly drawing = ₹ x.

Total drawings in the year = 12x.

`(12x xx 10 xx 6.5)/(100 xx 12) = 3,900`

`(6.5x)/10 = 3,900`

0.65x = 3,900

x = ₹ 6,000

Seema's monthly drawing = ₹ 6,000

(ii) Tina's Drawings

Given:

Interest on Drawings = ₹ 6,000

Rate = 10% p.a.

Drawings are made at the beginning of every quarter.

For quarterly drawings at the beginning of each quarter, the average period = 7.5 months.

Let each quarterly drawing = ₹ y.

Total drawings in the year = 4y.

`(4y xx 10 xx 7.5)/(100 xx 12) = 6,000`

`(30y)/120 = 6,000`

0.25y = 6,000

y = ₹ 24,000

Tina's quarterly drawing = ₹ 24,000