Advertisements
Advertisements
Question
Usha and Mohak were partners in a firm. Usha withdrew a fixed amount at the end of every half year for the year ended 31st March, 2024. Interest on drawings is charged at 9% p.a. Interest on Usha's drawings will be charged for ______ months.
Options
3
6
9
12
MCQ
Fill in the Blanks
Advertisements
Solution
Usha and Mohak were partners in a firm. Usha withdrew a fixed amount at the end of every half year for the year ended 31st March, 2024. Interest on drawings is charged at 9% p.a. Interest on Usha's drawings will be charged for 3 months.
Explanation:
Since Usha withdrew a fixed amount at the end of every half-year (30th September and 31st March), the average period is:
`(6 + 0)/2 = 3` months
Hence, interest on drawings is charged for 3 months.
shaalaa.com
Is there an error in this question or solution?
Chapter 1: Accounting for Partnership Firms - Fundamentals - OBJECTIVE TYPE QUESTIONS [Page 1.155]
