Interest on drawings of a partner has been calculated Rs. 3,000 @ 8% p.a. who has drawn equal amount in each quarter; commencing from end of the first quarter throughout the year. The amount of drawing of partner per quarter would be :
Answer & explanation
Correct answer: option 1
The correct answer is Option (1) → Rs. 25,000
When the same amount is drawn at the end of each quarter, interest is charged on the total drawings of the year for an average period of 4½ months. The first drawing stays with the partner for 9 months and the last for 0 months, so the average is (9 + 0) ÷ 2 = 4½ months.
Let the drawing per quarter be D. Total drawings for the year = 4D.
Interest = 4D × 8/100 × 4.5/12 = 0.12D
0.12D = Rs. 3,000
D = Rs. 3,000 ÷ 0.12 = Rs. 25,000
Rs. 1,00,000 is the total drawn in the whole year (4 × Rs. 25,000), not the amount drawn each quarter.
NCERT (2026-27 edition):
|
