Question : A partner, Gaurav, withdrew Rs.12,000 in the beginning of the each quarter during the year. Interest on drawings @ 8% chargeable to him will be:
Option 1: Rs.1,440
Option 2: Rs.2,400
Option 3: Rs.2,080
Option 4: Rs.1,760
Correct Answer: Rs.2,400
Solution : Time period for beginning of each quarter = (Time left after 1st drawing + Time left after last drawing)/2 = (12 + 3)/2 = 7.5 Months Interest on drawings = Total drawings X Interest on drawings X Time period = Rs.(12,000 X 4) X 8% X 7.5/12 = Rs.2,400 Hence, the correct option is 2.
Question : Current Account of the partners should be opened when capital are:
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