Question : X and Y are partners. X draws a fixed amount at the end of each quarter. Interest on drawings is charged @ 10% p.a. At the end of the year, interest on drawings (X) amounts to 8,580. Drawings of X were per quarter?
Option 1: 44,400 per quarter
Option 2: 57,200 per quarter
Option 3: 22,800 per quarter
Option 4: none of these.
Answer (1)
26th Jan, 2024
Correct Answer: 57,200 per quarter
Solution :
Answer =
57,200 per quarter
Interest on drawings=Drawings$\times \frac{Rate}{100} \times \frac{Average time}{12}$.
8580=Drawings$\times \frac{10}{100} \times \frac{4.5}{12}$.
Drawings=2,28,800.
Hence, the correct option is 2.
Comments (0)
Related Questions
Trending Articles/News
