Question

Vishnu and Mishu are partners in a firm. Mishu draws a fixed amount at the end of every quarter. Interest on drawings is charged @ 15% p.a. At the end of the year interest on Mishu’s drawings amounted to ₹ 9,000. Interest on drawings was charged on drawings of Mishu for ______.

Options

• 6 months

• `7 1/2` months

• `4 1/2` months

• 4 months

Answer 1

Vishnu and Mishu are partners in a firm. Mishu draws a fixed amount at the end of every quarter. Interest on drawings is charged @ 15% p.a. At the end of the year interest on Mishu's drawings amounted to ₹ 9,000. Interest on drawings was charged on drawings of Mishu for `bbunderline(4 1/2 "months")`.

Explanation:

Average period  = `("Time left after the first drawings" + "Time left after the last drawings")/2`

= `(9 + 0)/2`

= `4 1/2` months