Question

5. In a partnership firm, a partner withdrew Rs 5,000 per month on the first
day of every month during the year for personal use. If interest on drawings
is charged @ 6% p.a. the interest charged will be:
Rs 3,600
O
Rs 1,950
Rs 1,800
Rs 1,650​

Answer 1

Answer:

3600

Step-by-step explanation:

5000rs. per month

in a year he withdraw (5000×12=60,000) 60,000rs.

6% interest charged annually,

60,000×6%

=3600 rs.

Answer 2

The interest charged on the partner's withdrawals is Rs 3,600.

To calculate the interest charged on the partner's withdrawals, we need to know the principal amount (the total amount withdrawn) and the interest rate.

Given that the partner withdrew Rs 5,000 per month on the first day of every month for a year,

we can calculate the total principal amount withdrawn as:

5000*12 = 60000 (Rupees Sixty Thousand)

Given that the interest rate is 6% per year, we can calculate the interest charged as:

(6/100) * 60000 = 3600 (Rupees Three Thousand Six Hundred)

So, the interest charged on the partner's withdrawals is Rs 3,600.

• Interest on drawings is a way to charge interest on the money withdrawn by a partner from the partnership firm. It's a way to account for the opportunity cost of providing the partner with additional cash, as well as to ensure that the partnership's capital is not depleted.

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