Question:
Anuj and Kartik were partners in a firm sharing profits and losses in the ratio of 5 : 4. Anuj withdrew ₹ 20,000 at the beginning of every month starting 1st April, 2023 to 31st March, 2024. Interest on drawings is charged @ 6% p.a. The interest on drawings will be:
Anuj and Kartik were partners in a firm sharing profits and losses in the ratio of 5 : 4. Anuj withdrew ₹ 20,000 at the beginning of every month starting 1st April, 2023 to 31st March, 2024. Interest on drawings is charged @ 6% p.a. The interest on drawings will be:
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Use the formula with (n+1)/2 when drawings are made at the beginning of each month to calculate interest.
Updated On: Jul 4, 2025
- ₹ 4,800
- ₹ 1,200
- ₹ 4,200
- ₹ 3,600
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The Correct Option is D
Solution and Explanation
Step 1: Monthly drawings = ₹ 20,000
Number of months = 12
Total drawings in the year = ₹ 20,000 × 12 = ₹ 2,40,000 Step 2: Interest on drawings when withdrawn at beginning of every month: \[ \text{Interest} = \frac{Total Drawings × Rate × (n+1)}{2 × 12 × 100} \] \[ = \frac{2,40,000 × 6 × 13}{2 × 12 × 100} = ₹ 3,600 \]
Number of months = 12
Total drawings in the year = ₹ 20,000 × 12 = ₹ 2,40,000 Step 2: Interest on drawings when withdrawn at beginning of every month: \[ \text{Interest} = \frac{Total Drawings × Rate × (n+1)}{2 × 12 × 100} \] \[ = \frac{2,40,000 × 6 × 13}{2 × 12 × 100} = ₹ 3,600 \]
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