Question : Mr Yash, a partner in the firm withdrew Rs.24,000 at the end of every half year. The interest on such drawings will be charged @ 12% p.a. The amount of interest on drawings will be:
Option 1: Rs.2,880
Option 2: Rs.1,440
Option 3: Rs.2,400
Option 4: Rs.2,000
Answer (1)
12th Jan, 2024
Correct Answer: Rs.1,440
Solution :
Time period when drawings are made in half year = (Time left after first drawings + Time left after last drawings)/2 = (6 + 0)/2 = 3 months
Interest on drawings = Total drawings X Rate X Time period = (Rs.24,000 X 2) X 12% X 3/12 = Rs.1,440.
Hence, the correct option is 2.
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