Question

Geeta Meets and Neeta were partners in a firm. Drawings of the partners were as rows Geeta 1.000
middle of each month, Meeta2,000 at the end of each ouater and Neeta 4,000 in the beginning of each
half year Calculate Interest on drawings @ 5% p.a. [IOD Geeta 300: Meeta *150; Neeta * 300]​

Answer 1

★ Appropriate Question :

Geeta, Meeta and Neeta were partners in a firm. Drawings of the partners were as Geeta draws Rs. 1,000 at the middle of each month, Meeta draws Rs.2,000 at the end of each quarter and Neeta draws Rs. 4,000 in the beginning of each half year. Calculate Interest on drawings. @ 5% p.a.

Explanation:

Formula used :

★ Interest on drawings =

$\sf{\longrightarrow{Amount \: of \: drawings \: \times \: \dfrac{Rate \: of \: interest}{100} \: \times \: \dfrac{Average \: period}{12}}}$

• Case I :

• Geeta draws Rs. 1,000 at the middle of each month

If drawings are made in the middle of every month:

Average period = 6

Interest rate = 5 %

Total amount withdrawn = 1,000 × 12 = Rs. 12,000

$\longrightarrow{\sf{12,000 \: \times \: \dfrac{5}{100} \: \times \: \dfrac{6}{12}}}$

$\sf{\longrightarrow{300}}$

Interest on drawings (Geeta) = Rs. 300

• Case II :

• Meeta draws Rs.2,000 at the end of each quarter

If drawings are made at the end of every quarter :

Average period = 4.5

Total amount of drawings = 2,000 x 4 = Rs. 8,000

$\longrightarrow{\sf{8,000 \: \times \: \dfrac{5}{100} \: \times \: \dfrac{4.5}{12}}}$

$\sf{\longrightarrow{150}}$

Interest on drawings (Meeta) = Rs. 150

• Case III :

• Neeta draws Rs. 4,000 in the beginning of each half year

If drawings are made at  at the beginning of each half year :

Average period = 9

Total amount of drawings = 4,000 × 2 = Rs. 8,000

$\longrightarrow{\sf{8,000 \: \times \: \dfrac{5}{100} \: \times \: \dfrac{9}{12}}}$

$\sf{\longrightarrow{300}}$

Interest on drawings (Neeta) = Rs. 300

Therefore,

Interest on drawings :

(Geeta) = Rs. 300

(Meeta) = Rs. 150

(Neeta) = Rs. 300

Answer 2

Explanation:

1). Geeta withdraw 1,000 middle of each month

2).Meeta withdraw 2,000 at the end of each quarter

3). Neeta withdraw 4,000 in the beginning of each

half year

Interest rate = 5%

Formula used :

Interest on drawings = Total amount of drawings × Rate of interest × Average period/12

1). Geeta Withdraw 1,000 middle of each month :

Average period = 6

Total amount = 1,000 × 12 = 12,000

=> 12,000 × 5/100 × 6/12

=> 300

Interest on drawings of Geeta = 300

_______________________________

2). Meeta withdraw 2,000 at the end of each quarter :

Average period = 4.5

Total amount = 2,000 × 4 = 8,000

=> 8,000 × 5/100 × 4.5

=> 150

Interest on drawings of Meeta = 150

___________________________

3). Neeta withdraw 4,000 in the beginning of each

half year :

Average period = 9

Total amount = 4,000 × 2 = 8,000

=> 8,000 × 5/100 × 9/12

=> 300

Interest on drawings of Neeta = 300

.°.

• Interest on drawings of Geeta = 300
• Interest on drawings of Meeta = 150
• Interest on drawings of Neeta = 300