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Question
Y is a partner in a firm. He withdrew regularly ₹ 3,000 at the end of every month for the six months ending 31st March, 2024. If interest on drawings is charged @ 10% p.a. the interest charged will be ______.
Options
₹ 375
₹ 450
₹ 525
₹ 900
MCQ
Fill in the Blanks
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Solution
Y is a partner in a firm. He withdrew regularly ₹ 3,000 at the end of every month for the six months ending 31st March, 2024. If interest on drawings is charged @ 10% p.a. the interest charged will be ₹ 375.
Explanation:
Monthly drawing = ₹ 3,000
Total drawings for 6 months = 3,000 × 6
= ₹ 18,000
Average Period = `("Time left after first drawing" + "Time left after last drawing")/2`
= `(5 + 0)/2`
= 2.5 months
Interest on drawings = `18,000 xx 10/100 xx 2.5/12`
= ₹ 375
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