Based on following answer the question:
Chirag and Jyoti are two partners in a firm sharing profits and losses equally. Chirag withdrew money for his personal use. As per partnership deed rate of interest on drawings is 9% per annum.
If Chirag withdraw ₹5000 per month in the middle of every month then the Average period for interest charged on Drawing will be:
Answer & explanation
Correct answer: option 2
The correct answer is Option (2) → 6 months.
When the amount is withdrawn at the middle of each month
Ist drawings = 15 April. Months left after it is 11.5
Last drawing = 15 March. Months left after this is 0.5
Average Period = (No. of months left after 1 drawings + No. of months left after last drawings)/2
= (11.5+0.5)/ 2
= 6 months