Question:
Ruchika and Harshita were partners in a firm. Ruchika had withdrawn rupee 9,000 at the end of each quarter throughout the year. The interest to be charged on Ruchika’s drawings at 6% p.a. will be:
Ruchika and Harshita were partners in a firm. Ruchika had withdrawn rupee 9,000 at the end of each quarter throughout the year. The interest to be charged on Ruchika’s drawings at 6% p.a. will be:
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When calculating interest on periodic drawings, always use the correct average period. For end-of-quarter withdrawals, the average period is 7.5 months.
Updated On: Feb 5, 2025
- rupee 540
- rupee 2,160
- rupee 1,080
- rupee 810
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The Correct Option is D
Solution and Explanation
The total drawings at the end of each quarter = rupee 9,000.
The average period for quarterly drawings = 7.5 months (or 7.5/12 years). \[ \text{Interest} = \text{Total Drawings} \times {Rate} \times {Time} \] \[ \text{Interest} = rupee 36,000 \times 6\% \times \frac{7.5}{12} = rupee 810 \]
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