Read the passage given below and answer the question:

Teesha and Ritik are partners in a firm without any agreement. Due to lack of agreement they realised that there was contradiction between them on one issue or the other so they decided to enter into a written agreement with regard to different terms and conditions.

As per the agreement they will be sharing profits in the ratio of 3 : 2. At the beginning of 2022-2023 i.e. 1^st April 2022 their capital were ₹60,000 and ₹40,000 respectively. They earn a profit of ₹30,000 for the year ending 31^st March 2023. According to agreement, both Teesha and Ritik are entitled to ₹1,000 per month as salary and 5% p.a interest on their capital. They are also to be charged an interest of 5% p.a on their drawings, which was ₹12,000 for Teesha and ₹8,000 for Ritik for the year 2022-2023.

Determine the amount of interest on drawing to be charged from Ritik.

₹200

The correct answer is Option 1- ₹200

Interest on Drawings = Drawings x Rate/100 x Time/12

Interest on Drawings = 8000 x 5/100 x 6/12
                              = 80 x 5/2
                              = 200

* No time of drawings is given so it is calculated for the average period i.e. 6 months.