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Question
Y is a partner in a firm. He withdrew regularly ₹ 12,000 at the end of every month for six months ending 31st March, 2024. If interest on drawings is charged @ 10% p.a., the interest charged will be ______.
Options
₹ 2,100
₹ 1,800
₹ 1,500
₹ 3,600
MCQ
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Solution
Y is a partner in a firm. He withdrew regularly ₹ 12,000 at the end of every month for six months ending 31st March, 2024. If interest on drawings is charged @ 10% p.a., the interest charged will be ₹ 1,500.
Explanation:
Total drawings = 12,000 × 6
= ₹ 72,000
Average Period = `("Time left after first drawing" + "Time left after last drawing")/2`
= `(5 + 0)/2`
= 2.5 months
Interest on drawings = `72,000 xx 10/100 xx 2.5/12`
= ₹ 1,500
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