Question

Abha, Manju, and Rhea were partners in a firm sharing profits and losses in the ratio of \( 3 : 3 : 4 \). During the year ended 31\textsuperscript{st March, 2023, Rhea withdrew ₹ 30,000 at the beginning of each half year. Interest on Rhea’s drawings @ 10\% p.a. for the year ended 31\textsuperscript{st} March, 2023 will be:}

• A. ₹ 6,000
• B. ₹ 4,500
• C. ₹ 3,000
• D. ₹ 1,500

Hint:

Interest on drawings is calculated based on the amount withdrawn and the duration it remains in the firm. For withdrawals at the beginning of the period, consider the total time for each withdrawal.

Answer 1

The Correct Option is B

Interest on Rhea’s drawings is calculated as follows: - Rhea withdrew ₹ 30,000 at the beginning of each half year. - For the first withdrawal (₹ 30,000) at the beginning of the first half year, it remained in the firm for 12 months: \[ Interest} = \frac{30,000 \times 10\% \times 12}{12} = ₹ 3,000 \] - For the second withdrawal (₹ 30,000) at the beginning of the second half year, it remained in the firm for 6 months: \[ Interest} = \frac{30,000 \times 10\% \times 6}{12} = ₹ 1,500 \] Therefore, the total interest on Rhea's drawings is: \[ 3,000 + 1,500 = ₹ 4,500. \]