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If an amount of ₹4000 per month was withdrawn by him at the end of each month, then the Average period for interest charged on Drawing will be:
Answer & explanation
Correct answer: option 3
The correct answer is Option (3) → 5.5 months.
Ist drawing = 30 April. So, months left after ist drawing is 11.
Last drawing = 31 March. So, months left after last drawing is 0.
Average period = (Months left after ist drawings + Months left after last drawings)/2
= (11+0)/2
= 11/2
= 5.5