Read the information carefully and answer the questions.
A partner withdrew money during the year ending March 31, 2020 from his capital account, for his personal use.
The amounts withdrawn were : ₹12,000 on June 01, 2019, ₹8,000; on August 31, 2019, ₹3,000; on September 30, 2019, ₹7,000, on November 30, 2019, and ₹6,000 on January 31, 2020.
Calculate interest on drawings, if the rate of interest is 9 percent per annum.
Calculate interest on drawings for the amount ₹6,000 on January 31, 2019.
Answer & explanation
Correct answer: option 1
The correct answer is Option (1) → Rs. 90
Interest on drawings runs from the date of withdrawal to the date the books are closed. The Rs. 6,000 was drawn on January 31, 2020, so interest runs for February and March, that is, 2 months.
Amount = Rs. 6,000; rate = 9% p.a.; period = 2 months
Interest = Rs. 6,000 × 9/100 × 2/12
= Rs. 90
Note: It seems that there is a mistake in the original NTA paper, which prints January 31, 2019 in this question when it should read January 31, 2020. The passage above it gives the Rs. 6,000 drawing on January 31, 2020, and a date in 2019 would fall before the year ending March 31, 2020 even began, so the question can still be solved with the 2020 date.
NCERT (2026-27 edition):
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