Question : C and D are partners. C draws a fixed amount at the beginning of every month. Interest on drawings is charged @ 10% p.a. At the end of the year, interest on C's drawings amounts to Rs 2,860. Drawings of C were:
Option 1: 5,200 per month
Option 2: 4,800 per month
Option 3: 4,400 per month
Option 4: 5,600 per month
Correct Answer: 4,400 per month
Solution : Answer = 4,400 per month Interest on drawings=Drawings $\times \frac{\text { Rate }}{100}\times \frac{\text { Average time }}{{\text { }}{12}}$ Rs 2,860=Drawing $\frac{10}{100} \times \frac{6.5}{12}$ $\frac{2860 \times 100 \times 12}{10 \times 6.5}$=Drawings Drawings=52,800 Monthly drawings=4,400 per month. Hence, the correct option is 3.
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.
Question : In the absence of a partnership agreement, interest on partners' drawings is charged:
Option 1: @ 8% p.a.
Option 2: @ 9% p.a.
Option 3: @12% p.a.
Option 4: No interest is charged.
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