Question : In a Partnership firm, a Partner withdrew Rs. 5,000 per month on the first day of every month during the year for personal expenses. If interest on Drawimgs is charged @ 6% PA, the interest charged will Be
Option 1: Rs. 3,600
Option 2: Rs. 1,950
Option 3: Rs. 1,800
Option 4: Rs. 1,650
Answer (1)
16th Jan, 2024
Correct Answer: Rs. 1,950
Solution : Answer = Rs 1,950
Drawings=Rs 5,000 per month×12=60,000
Interest on drawings=$60,000 \times \frac{6}{100} \times \frac{6.5}{12}$=Rs 1,950
Hence, the correct option is 2.
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