Question:

Sudha, a partner withdrew \(₹12,000\) on 31stOctober, 2023 for her personal use. Interest on drawings is charged @ 6% p.a. The interest on Sudha’s drawings for the year ended 31stMarch, 2024 will be :

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Interest on drawings = Amount × Rate × Time/12.
  • \(₹300\)
  • \(₹30\)
  • \(₹3,000\)
  • \(₹150\)
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The Correct Option is A

Solution and Explanation

Period = 5 months (Nov–Mar)
Interest = \(12,000 \times 6% \times \frac{5}{12} = ₹300\).
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