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 Since drawing is a type of loan, provided to the partners and they have to pay interest on the amount withdrawn from the firm, which is known as interest on drawings.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 a partner withdrew ₹15,000 during the year and If interest on drawings is charged at 6% p.a., how much interest will be charged?

₹450

The correct answer is option 1- ₹450.

Interest is calculated for the 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When the total amount withdrawn is given but the dates of withdrawals are not specified, it is assumed that the amount was withdrawn evenly throughout the year and interest is calculated for 6 months.

Interest on drawings = 15,000 x 6/100 x 6/12
                               = 450