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Question
Sushil is a partner in a firm. He withdrew ₹ 4,000 per month in the middle of every month during the year ended 31st March, 2024. If interest on drawings is charged @ 8% p.a., the interest charged will be ______.
Options
₹ 2,080
₹ 1,760
₹ 3,840
₹ 1,920
MCQ
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Solution
Sushil is a partner in a firm. He withdrew ₹ 4,000 per month in the middle of every month during the year ended 31st March, 2024. If interest on drawings is charged @ 8% p.a., the interest charged will be ₹ 1,920.
Explanation:
Sushil withdrew ₹ 4,000 per month in the middle of every month, and the time period was `6/12` of a year.
Total withdrawal = 4,000 × 12
= ₹ 48,000
Interest on drawings = `48,000 xx 8/100 xx 6/12`
= ₹ 1,920
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