Question

Ram is a partner in a firm.He withdrew Rs 2000 per month on the last day of every month during the yedr 2014. If interest on drawings is charged @ 9% p.a the interest charged will be-
/ Rs 990/
Rs1080/
Rs1170/
Rs2160​

Answer 1

Answer:

Rs 2160 is the answer of the question.

Explanation:

9/100*2000

=180

180*12

=2160

Answer 2

ANSWER :

❖ Option (a) Rs. 990

• ✎ If Ram is a partner in a firm and he withdrew Rs. 2,000 per month on the last day of every month during the year 2014 and interest on drawings is charged @9% p.a.; then the interest charged on his drawings will be Rs. 990.

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SOLUTION :

❒ Given :-

• Ram withdrew an amount of Rs. 2,000 on the last day per month during the year 2014.

• Rate of Interest on Drawings to be charged @9% p.a.

❒ To calculate :-

• Interest on Drawings charged to Ram = ?

❒ Required Formula :-

• ✠ When an equal amount is withdrawn on monthly basis as drawings then,

$\dag \: \: \underline{ \boxed{ \sf{ \: Total \: \: Amount \: \: of \: \: Drawings = Amount \: \: of \: \: Monthly \: \: Drawings \times Number \: \: of \: \: Month \: }}}$

$\dag \: \: \underline{ \boxed{ \sf{ \: Interest \: \: on \: \: Drawings = Total \: \: Drawings \times Rate \: \: of \: \: Interest \times Time \: }}}$

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❒ Calculation :-

Here,

• Amount of Monthly Drawings Drawings = Rs. 2,000

• Period of time = 1 year = 12 months

Using the formula of Annual Drawings, we get,

• ★ Total Amount of Drawings = Amount of Monthly Drawings × Number of months

➨ Total Amount of Drawings = (Rs. 2,000 × 12)

➨ Total Amount of Drawings = Rs. 24,000

We know that,

• ⊚ When an equal amount is withdrawn at the end of every month throughout the year, interest on Drawings will be calculated on the total amount of drawings in the given rate of interest for 5½ months or 5.5 months.

Now,

• Total Drawings = Rs. 24,000

• Rate of Interest = 9% p.a.

• Time = 5.5 months

Using the formula of Interest on Drawings, we obtain,

• ✪ Interest on Drawings = Total Drawings × Rate of Interest × Time

⇒ Interest on Drawings = Rs. 24,000 × 9% × 5.5 months

⇒ Interest on Drawings = $\rm{Rs. \: \bigg(24,000 \times \dfrac{9}{100} \times \dfrac{5.5}{12}\bigg)}$

∴ Interest on Drawings = Rs. 990