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
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.
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
Question : A and B are Partners in a Partnership firm without any agreement. A has withdrawn Rs. 50,000 out of his capital as Drawings. Interest on Drawings may be charged from A by the firm.
Option 1: @ 5% p.a.
Option 2: @ 6% p.a.
Option 3: @ 6% per month
Option 4: No interest can be charged.
Question : C is a partner in a firm. He withdrew Rs. 10,000 in each quarter during the year ended March 31, 2019. Interest on drawings @ 9% PA will be
Option 1: Rs. 1,350
Option 2: Rs. 2,250
Option 3: Rs. 900
Option 4: Rs. 1,800
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