Read the following passage and answer the question.

Partnership firm and partners are considered separate from each other. When partners withdraw money from business for their personal use, then the term used for such withdrawal of money is termed as Drawings. Since drawing is a type of loan, provided to the partners and they have to pay interest on the amount withdrawn from the firm, which is known as interest on drawings.

If the date of drawings of the partner is not given in the question with the total amount of drawings, interest is charged for how much time?

6 months

The correct answer is option 2- 6 months.

When the total amount withdrawn is given but the dates of withdrawals are not specified, it is assumed that the amount was withdrawn evenly throughout the year. For calculation of interest, the period would be taken as six months, which is the average period assuming, that amount is withdrawn evenly in the middle of the month, throughout the year.